As I posted the other week about a potential AUDJPY trade, it's now happened.
The next step for this pair from my analysis shows that it's hit a key level of resistance and needs to come down before re-testing. The news about NK has weakened the Yen and further uncertainty is expected. The dollar is also pulling back which normally indicates the Yen is going to...
Price has his 61.8% fib level and has tested 0.5 multiple times.
Price is respecting the trend line and is ready to test the blue level of support and if potentially break through we could see 0.5 being tested again.
200 ema on 4h/D indicate it's bullish.
Any questions/observations please leave a comment. Thanks
NZDJPY is now turning to a bullish momentum.
We're at the 61.8% fib mark and expecting reversal potentially to 79.714 (0.5 fib).
TP at each blue resis/sup line and SL 77.950.
Any questions/comments/observations please feel free to comment.
At key level 61.8 fib, wait for a close below or a few candles to ensure it's not going to bounce off.
If price breaks below could see it hitting the key level which is our 1st target. Possible 2nd target large level of resis below.
Double top indicates buying pressure is exhausted and it's ready to fall.
Any questions/opinions please feel free to comment!
AUDJPY momentum has turned bullish after being in a bearish cycle.
Key indicators:
Hit 61.8 Fib which is also a key level of support. 61.8 indicates reversal.
Yen is strong when USD is weak. USD has been unstable lately.
Higher high, lower low.
1st target: 88.050
2nd target: 89.330
3rd target: 90.750
SL below 0.5 fib.
