AUDJPY is still bullish in our view. Current price action appears to be locked within a bear trap and sideways moving price action. We believe price could most likely move further sideways to form a well defined triangle at corrective wave E of (4) in the 1 hour chart before price consolidation and price rally could begin. However we need a daily price close or trading above 84.583 to open up 85.847 target and thus set-up quite a protracted bullish carry trade.
On the flipside, a daily close or trading in all time frames below 82.583 defined by downward sloping trend-line (bounding faulter zone shown) will invalidate our bullish view and expose 81.696/81.386 cluster support zone .
On the flipside, a daily close or trading in all time frames below 82.583 defined by downward sloping trend-line (bounding faulter zone shown) will invalidate our bullish view and expose 81.696/81.386 cluster support zone .