AUDJPY (D) - medium term bullish bias
The Australian dollar has been rising along a well-defined trend line which acts like a strong support level in case of pullbacks. The price tested the previous high of 75.50 without success in November and buyers are consolidating near the trend line in hope of another attempt. A successful break above that resistance could...
correction found at the bottom end of channel structure, looking likely to break and continue further down. Only targeting a short range as we are expecting more corrections to form along the way which we can jump on at a later date.
AUD/JPY - Daily Chart
Short Position
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Audjpy showing a nice triple bottom allowing us for a nice entry to take this all the way to the daily trendline touch. Overall trend is a buy so buys it is.
Consolidation after a downward move.
Looking for further movement to the downside.
Be aware this pair can Also break upward which therefore we would look to go long
Both 50 EMA and 200 EMA showing strong potential of a crossover to the downside, furthermore we also see a clear head and shoulders pattern forming within the near future. Once we see a clear break of the bottom support trend line as well as the break of the 50% fib we will look for a short at a profit target of 71.778 (200 Pips) where the neckline is currently...
This pair is the Australian Dollar against the Japanese Yen. In regards to U.S. equities on a short to medium term basis, it is often one of the most highly correlated pairs to price action. The pair tends to decline is a risk off approach and rise in a low risk environment on carry flows.
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