Long

Risk Sentiment and Bullish RSI Trigger-AUDJPY

The AUDJPY currency pair is always an exciting pair to trade for its relation to risk and how big profits can be when traded correctly. Despite major seasonal bearish bias as seen from my 15 min intraday chart posted with this analysis, I believe this pair has been brewing strength for the last month as it showed a bit of weakness. I strongly believe in the coming days (3-10) that this pair is going to shoot up once it maintains the very strong support it will build. This pair is due for a juicy impulsive bull leg up as there is high risk for a large recovery as market participants are beginning to have larger appetites for risk. AUDJPY especially has some upside in store as it is likely to recoup losses as the Nikkei225 index that just recently pushed to 2017 highs has given traders confidence to use the Yen as a funding currency. PM Turnball's 75 billion dollar fiscal stimulus plan appears to be helping the AUD become more appealing as the government plans to increase jobs and wage growth along with public spending. A governor has warned that it is likely that during the June 6th meeting rates will be risen as Australia's economy is slowly but surely turning from mining to booming. From a TA perspective, price seems to be sitting right below the .786 fib which seems to be a major "mode" in price fluctuations. The two opposite facing pitchforks are seen to be converging 83.60 price point which is the likely bounce and strong support level AUDJPY will find. Bear stops are probably pretty tight around the 84 dollar mark so its likely that a stronger than usual push up will occur after bears get squeezed. Ideal Trade would be to enter long following the bounce at the pitchfork convergent level with a stop at 83.57. Profit Targets are 84.10, 84.20, and 84.27.

Thanks for the support and constructive Criticism is always welcome!!

Trade with Care and enjoy the Weekend!!!

JordanFreeman

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