Forex: AUD/JPY “Buy” from current levelspetar skakalov
Time frame: D1
Technical analysis: The chart shows that the price is in short-term uptrend. It was able to make correction to the channel support as well as to Fibonacci’s 38.2 support level. For several days she kept below 50 MA, and on 26.11.19 managed to break through. This activates the price action formation for purchases.
The DeM indicator is in over-sold territory, which supports the purchase scenario.
Alternative scenario: If the price manages to break through diagonal support and 38.2% in Fibonacci, then we can see a drop to the next significant level of support at 50% and if it breaks it then to 61.8%.