We have just seen AUDJPY fly 120+ pips in a day. This kind of bullish reaction can show it wants to push higher past this Weekly Resistance of 83.000 which is also a key level. Price has hit my Target of 83.000. Since we reached this level I can watch for a strong reaction in either direction if it forms structure and holds support or if it cant break this level and shows Buyers exhausting. I will only look for buys after such a big move but a retest can be seen this week. If you look to sell it would at a strong resistance like this or the next lower high if possible. Price is at a level that was previously reached in December of 2018. Keep that in perspective as you look to Buy or Sell but I do expect a big move as the Japanese yen has major news announcements this week that can potentially weaken it and help push AUD past this Resistance. If possible look to Buy off retracement levels of your fibs.
Bình luận:
Seeing that there is a lot of buying pressure the .236 fib level can be used in this situation even if its for 20-30 pips. If you don't know where to place your stops use the support and wicks of recent structure formed or the nearest lowest fib level.
Bình luận:
For anyone confused today was JPY bank holiday and such a strong run from audjpy can see consolidation afterwards(check recent price movement from January). I still expect Audjpy to push to 84.000 before selling off at Resistance because structure is being formed over 83.000. If Price closes Bearish under 83.000 on the 4hr and creates lower high I will look for sells to recent support.
Bình luận:
Target 84.000 has been hit and I will now look for further buy opportunities. Look to my newest analysis for my thoughts on Audjpy. Hopefully someone has made some money off of these calls.