Hello Traders,
As you can see from the chart, AUDJPY is on the way to completing the right shoulder. If the price does hold on the 50% fib tracement (strong support level), we could very likely see price going for the marked resistance level.
Within the right shoulder, there is also an inverse head and shoulders formed which adds to the probability of price...
Price have broken the downward trend and have reached the bottom of the bigger upward trend. AUDUSD is currently on the 78.6% point of the fib tracement and if it does hold, there could be a potential good RR on the Long side.
This lines up with the poor unemployment claim figure for US earlier this week which may carry the effect to the coming week.
Note -...
Hello Traders!
NZDJPY have formed an inverse head and shoulder earlier in the week and price have broken to the upside. It is retesting the 50% fib tracement now and would be interesting to enter Long should price comes back a little to touch the 50% with a bullish or rejection candle. If it does, price would be testing the 200MA as well.
Note - Any trades...
