AUD/JPY Trading Analysis (17/07/2024)

The trend is up. The pair is trading in a range between 365 and 135 EMA. The bearish wave structure is truncated. There is a bullish divergence on the Awesome Oscillator and the Stochastic Oscillator's moving averages are out of the oversold zone.

Trading idea:

• Buy at the beginning of the formation of the ascending wave structure, when wave A breaks the sloping channel of the descending truncated structure.
• Stop loss at the local minimum of the descending structure.
• Price targets at 107.200 and 109.200.

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