AUD/JPY is setting up what looks to be an ascending triangle formation (indicated by the red circle) in the daily chart above. This may be also a breakout setup from the trading channel’s (indicated by the yellow lines) resistance line. If it breaks out, we may be seeing the price reaching 92-94. I consider entering at the current price, placing my stop loss once the price goes below the blue line and having a target price of 94. Not bad for a 5:1 win/loss ratio.