AUDJPY: Very NIce Buy Opportunity

Price has bounced from a key support level, the sliding parallel of an upsloping pitchfork, but still we should take no action. What we should wait is to see if price breaks above the corrective structure it has been moving after an impulsive to the upside. In that case we should wait for a correction like a flag pattern and buy its breakout trying to catch the next impulse.

Key support at daily chart:

Kommentera:

Price broke above the trendline acting as resistance to the corrective structure. Wait for a buy setup completion before going long