AUDJPY has been in a downtrend for months due to a weakening Oz economy (in recession).
The Aussie has strengthened this year climbing to the 0.50 retracement of the last downswing.
The current upswing has taken out intermediate supply on its way up and is now getting to the 0.618 level which coincides with an intermediate supply zone @ ~94.160.
the rally into...
We can see a potential cypher is forming on 4H TF AUDJPY which is completing around 95.70 area. We may sell this pair from 95.70-90 area targeting 93.40 & 92.50 as TP2.
Short at 96.85 (on demand after better than expected trade balance)
SL at 97.40
TP at 96.00
Risk-reward ~1.5
Risk aversion has prompted JPY appreciation across the board in the first week of this year.
For AUDJPY, it meant a decisive break down of the daily cloud and pair is currently,
1. Trading below cloud
2. Tenkan has cross over Kijun-sen
3. Trading below...
Traders,
As you may recall, a few days ago, I posted a DAILY chart of the USDollar index, in which the model defined a top-most target ("TG-x") at 11474 - See this chart and analysis here: .
While price did hit that target and has since weaved a near-symmetrical consolidation pattern around this forecast level, I thought it prudent to look at that level with...
It's been a great start to the trading week thus far, with a handful of Friday's patterns paying off big time. I've ended the past 2 weeks in drawdown so it's about time things get back to normal.
This is a pretty simple one, a bearish Cypher which is coming up into previous structure highs. A look on the daily chart will show you this this is a powerful...
The current economical monetary situation leads the AUD to strenght and JPY is getting less worth because of money printing of Japan.
Uptrend for the next weeks with Target on 103.000
Traders,
Potential reversal has emerged - albeit quite speculative - on the back of an expanding triangle near-completion at Point-5, as well as a prop-pattern potential ("Great White").
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TECH-NOTE: The Case For A Higher Point-5:
1 - Note that such triangles can often post an overlap of Point-5 across its 1-3 line, so further rallying...
Looking at the AUD VS JPY we see price stalling at support @ 95.151 as price has formed a doji candle stating indecision and stalling momentum. Look for a close above the doji candle to enter a long position. If price forms a lower close then we know we are wrong and we do not enter a trade. Keep in mind that a doji candle is not a reversal signal but rather...
