Small counter trend opportunity on AudJpy, quite a few inside levels of resistance to be wary of but possible to go higher. If we reach that target zone, I would look to short down for a retest of the lows following our impulse with decent strength shown on the RSI. There is also a decent pattern formation on the 5 min with a double bottom followed by a bullish break.
We have AUDJPY Showing bullish potential. Price has moved up bullish and met some point of resistance where we may see price retrace to the price level i have marked with the grey horizontal line. From this point, we may see price move up bullish to the price level i have marked with the green line which would be our take profit.
Risk on this trade - 1%
AUDJPY has been travelling inside of a descending channel. Price reached a major support zone , started making its way up and even broke out of the channel to the upside until it dropped back into the channel causing a fakeout, broke below the support zone. Now we are just waiting for this newly made resistance zone to be retested before price drops to the very...
I am looking to go long on AUDJPY on the next higher low and bounce off the lower trendline which is now bullish.
I have used the black arrows to show that the last 2 lows were in fact higher lows showing a potential shift in direction. This coincides with some nice deceleration on this FX pair after the recent very bearish run.
Another important confluence to...
AUDJPY is approaching its support at 75.34 (100% &61.8% Fibonacci extension, horizontal swing low support) where it could potentially bounce to its resistance at 77.28 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur.
Here you see a scenario that could possibly play out on audjpy, price has a lot of bearish momentum. will be waiting for a breakout of trendline + support. once this happens I will wait for a retest and for a 30 minute candle to close bearish to give me confirmation to place a short, no indicators just nice clean price action.
AUDJPY is travelling in a descending channel, Price hit the top and price plummeted down and even broke a major support zone marked out with a pinnk rectangle,
We are expecting price to come back up to retest this zone before dropping down to touch the bottom of the channel, our first minor target is the -0.27 extension level as we are expecting price to retest...
The chart shows the JPY weighted index on a daily time frame, creating a bearish bat harmonic pattern.
Furthermore, the last 3 daily candles together have formed a three pin pattern (Evening Star formation) indicating bearish reversal.
I expect JPY to start showing signs of weakness in the next couple weeks across the board, meaning potential XXXJPY buys.
AUDJPY H4, showing signs of very strong convergence, market clearly going the opposite way to our indicator.
A counter trendline has been put in place for more clear break and retest and entry scenarios.
Targets are also drawn.
On the right we have AUD weighted index H8, where we can see it has tapped off a clear demand zone, I believe we can see some reaction,...