AUD/JPY: Trade ideas for September 10

   Felipe Erazo

The AUDJPY began performing a bearish retracement from the 98.67 level, so this pair is trying to consolidate below the 200 EMA with a lower low pattern formation, above the support level of 97.57 (50.0 Fibo retracement level).

If the AUDJPY manages to make a rebound at current levels, the next target would be the resistance level of 98.67, which would be a strengthening of the bullish trend in the short term. On the other hand, if the AUDJPY manages to make a breakout at the support level of 96.94, our bullish outlook will be invalidated. The RSI indicator is in oversold zone.

Trading recommendations: Put buy orders at current levels with take profit at the resistance level of 98.67 and stop loss at 97.31.

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