I expect JPY pairs to correct across the board soon, most of them are very oversold. On this pair RSI is very high even on weekly timeframe, same goes for CAD, EUR, and GBP to JPY. All these pairs are at resistance levels, GBP/JPY is actually surpassing the resistance level as well so that is further reason to see a pullback.
I am not entering shorts personally...
This is another trade that hit TP and I was waiting for a retrace for another chance to enter again. It seems to be breaking higher now without much of a retrace so we can monitor this for if and when it retraces back to this support. Once it turns back and then rebounds a long can be entered with a target of 83.928. SL just below the support area.
This has broken above the previous high and is now retracing back to test it as a support. A long can be entered here if we see the rejection. MACD and EMA's are bullish, especially on the daily timeframe. I have set 2 take profit targets, I originally was only looking to reach TP 2 but that could be too ambitious and who knows what can change in the time it would...
Selling a clip of AUDJPY here at 73.86 ahead of the 73.94 pivot and breakdown area that held on Friday. As long as 74.45 fibbo resistance holds, I remain a seller of the rallies going into the RBA meeting. RSI indicates that the market is overbought and the momentum should start to turn towards the downside.
I will sell a 2nd clip around 74.10 if we get there....
AUDJPY - See a pennant structure forming here. Will be waiting for a breakout of this pattern before entering a position. Currently near a strong hourly, and 4 hourly resistance level as well, so if we break upside, and break above the resistance we can look to add more positions.
If we take a look at the chart previously once price broke support it made a rising wedge pattern and then fell through the floor.. I could be reaching BUT i see the same thing happening.
Looking to short to support, waiting for confirmation of a breakout
Price has now reached a key level of support, once broken it will be a sell to the green area
We can see in this chart price has tested this area several times last week before bouncing off, i believe we can get a few more short buys in before it starts to fall
ALWAYS wait for confirmation before jumping in!
AUDJPY - SELL
SL - 74.427
TP - 71.418
Hi guys, what a week ! Lots of movement in the market this week which is good to see, my bias for this pair is short (sell). I am looking for a spinning top or doji candle formation on the Daily time frame as another confluence to take this short and to allow the temporary bullish momentum to slow down. If this does form I will be scaling down to the 4hr and 1 hr...