AUDJPY W1 Dropping for the trendline bounce

AUDJPY seems to be in a downtrend. I do anticipate this pair to go lower to the 84.500 range and then bounce off of the trendline to the upside as more buyers are coming in. My TP is around the 88.000 area. Also for confirmation, I do see some bullish divergence on the stochastic indicator, which signals a strong possibility of bullish momentum. Past price action shows an inverted head and shoulders pattern beginning at the end of 2016 and finalizing the last shoulder this last week of August 2017. Very good indicators of bullish movement this week. Happy trading!

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