AUDJPY pair is ascending in a bullish channel on daily chart. After making higher high it bounced back from resistance R3 to take support on S1. Closing above S1 which is also 0.382 FIB level on daily chart makes a strong case for an upward rally to a new higher high. My TP1 and TP2 are on monthly resistances. TP3 is another potential target applying ABCD pattern the D of which lies near another monthly resistance. Entry is on current rate and stop loss is below S1.
Kommentera:
We can book some profit around monthly resistance R2.