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AUD/JPY - Buy on a Dip Trade Idea

AUD/JPY has been bullish in 2014. Looking at the daily chart we see that this is a market that has been relatively sideways June 2013. 

(AUD/JPY daily chart, 4/7)

There were a couple of strong bullish pushes which includes the one we have seen in 2014. However, as the daily oscillators show overbought condition, and the market is still sideways in the longer medium-term (half a year) outlook, we can expect some short-term bearish correction/consolidation. 

If we anticipate some consolidation ahead, we can look to buy a slide toward the 93.00 handle. This was a previous resistance pivot and could be tested as support.

If price returns toward 93, and the stochastic is at 20 with the RSI around 40, look for a bullish attempt at least in the short-term even if it doesn't make it back to the 96.50, 2014 high right away.