AUDJPY approaching resistance, watch for breakout!

AUDJPY is approaching our first resistance at 82.50 (horizontal overlap resistance, 50% Fibonacci retracement). A breakout above this level might cause a strong rally up to our second resistance at 83.56 (horizontal pullback resistance, 76.4% Fibonacci retracement). Price also broke the long term descending resistance-turned-support line and we are also seeing a bullish exit from a bullish channel, causing us to have a bullish bias on the setup.

RSI (89) is also seeing a bullish exit from its short term descending pullback support line.

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