AUDJPY - Bullish Bias
Closed above the long time WEEKLY resistance after over a decade with a bullish engulfing candle (Weekly TF), and also broke out/closed above the resistance of the ascending channel it has been in since August ’25 with a bullish engulfing candle (Weekly TF).
Once both, the long time WEEKLY R and the channel R act as S and the price forms bullish candle patterns after retesting the R turned S, then a healthy upward move can be expected and according to the FIB extension tool, next (EXPECTED) targets can be of 112.
However, if the price decides to push down, then the next S zone would be around 108.3. Apart from the past rejections, price recently also respected this zone as R and S on the Daily and 4hr chart. Price moved up impulsively after respecting it as a S zone. Therefore, if the price decides to push down, then one must wait for the price action/candle formations at the S zone before entering.
This is just my analysis and an idea where the price might move; therefore, please do your own research and plan your trade according to your plan!!