FX.co ★ AUD/JPY broken out of triangle formation, remain bullish for a bounce

The price has finally made a bullish exit of its triangle formation and continues to hover nicely above our buying entry. We remain bullish looking to buy above support at 88.04 (Fibonacci retracement, Fibonacci extension, horizontal swing low support, bullish divergence) and play the breakout from the triangle towards 89.09 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (55,3,1) is seeing bullish confirmation with a recent bullish exit of our triangle formation signaling that a change in momentum is fast approaching.

Buy above 88.04. Stop loss is at 87.59. Take profit is at 89.09.