AUD/JPY: Trade ideas for August 27
AUDJPY has performed a successful on the support level of 96.55, where is located the 50.0 Fibo level n the H1 Chart. Now, the AUDJPY is consolidating above the support level of 96.85, with the formation of a bullish pattern.
The AUDJPY has found strong resistance at the level of 97.12, so this pair would have to make a strong breakout at that level, up to the resistance level of 97.69, where is located the Fibo 100.0 extension level. The AUDJPY remains above the 200 EMA. The RSI is kept below the 70 level and showing neutrality over the positive territory.
Trading recommendations: Place buy orders if the AUDJPY does a breakout at the resistance level of 97.25, with take profit at 97.69.