The trade idea is supported by a strong down-trend. About 25minutes are left for the complete breakout confirmation.
RR is 4+.
104.808 is the main support level we need to see break. If that breaks compounding will commerce.
If price cannot break the above mentioned "main support" level then I will look to cut the trade.
I believe price...
AUD/JPY Looks Great To Long Back To The Weekly Resistance Level (Highlighted By The Yellow Line At The Very Top).
AJ Did Break Through The Weekly Resistance, However Came Straight Back Down. This Weekly Res. Has Been Held For Months Now, Every-Time Price Touches This Res Level, It Seems To Drop Back Down Not Allowing Price To Breakthrough.
AJ Also Rejected A Key...
AUDJPY is Bullish - We look to Buy at 74.32
▪️ Trading within a Bullish Channel formation.
▪️ We have a 50% Fibonacci pullback level of 74.23 from 73.30 to 75.16.
▪️ Bespoke support is located at 74.32.
▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 74.32, resulting in improved risk/reward.
These are the two most probable scenarios to play out this week. Price is heading toward a key level and will soon find out whether price breaks or bounces from the level. We will wait for price action to develop a bit more.
Despite being undervalued based on PPP, the Japanese Yen has been depreciating for a few weeks due (probably) to a risk-on environment making the Yen as a safe-haven less attractive.
Being still undervalued, the Yen might be a cheap hedge against market downturns. Moreover, it seems to have reversed its downward trend and an appreciation against the Euro is now...