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Audjpydaily

AUD/JPY dropped perfectly towards profit target, remain bearishSell below 85.75. Stop loss at 86.51. Take profit at 83.87. Reason for the trading strategy (technically): AUDJPY dropped absolutely perfectly once it reached our selling area and is close to our profit target. We remain bearish below 85.75 resistance (Fibonacci retracement, horizontal pullback resistance, Fibonacci extension) to play the continued drop to at least 83.87 support (Fibonacci extension, horizontal support). Stochastic (55,5,3) has turned down from our 96% resistance level perfectly and has good downside potential
Short
by theforexarmy
AUDJPY False Break of 85.35 Triggers Selling OpportunityWe looked at the AUDJPY on Thursday of last week. At the time the pair was trading just below the 85.35 handle, a level that’s served as a pivot since the new year began. The idea was to watch for a sell signal from new resistance. However, Thursday closed at 85.51, which canceled out any notion of shorting the cross. I wasn’t interested in buying the pair on the break given the velocity of the 300 pip decline the week before. By the close of Friday’s session, the AUDJPY had fallen back below 85.35. The drop was so severe that sellers nearly carved out a bearish engulfing candle. But Thursday’s apparent false break of 85.35 serves as a bearish signal just the same. From here any retest of the 85.35 area is likely to encounter an influx of selling pressure. The next key support comes in at recent lows at 83.80. A daily close below that would expose the 82.50 handle. Keep in mind that the AUDJPY will also be at the mercy of Tuesday’s RBA decision.
Short
by Daily-Price-Action
AUDJPY Takes on 85.35 as New ResistanceWe discussed the AUDJPY exactly one week ago. At the time the pair had just broken support at 85.35 and looked determined to test the next key support at 83.73. With this in mind, we were watching for a selling opportunity on a rotation back to new resistance. Unfortunately, that retest never came. But the pair did reach a low of 83.81 this past Tuesday, just 8 pips above the December 2016 low of 83.73. Although we didn’t get an immediate retest, the past few sessions have produced something even more appealing. Since bottoming earlier in the week, the AUDJPY has carved out a rounded retest – something that is often more effective than an immediate retest of a broken level. Now, because Tuesday’s low triggered a bullish engulfing candle, I’m inclined to wait for a sell signal from 85.35. More specifically, I need to see a long upper wick on the daily time frame. This would indicate that sellers are willing to make a stand at 85.35, which is now resistance. Otherwise, a daily close back above the level would negate the somewhat bearish outlook. And I certainly don’t want to step in front of this market if buyers intend to reclaim the 85.35 handle. Should we get a favorable sell signal from the 85.35 region, the next key support comes in at 83.80. A daily close below that would expose the mid-November highs from last year at 82.50. For now, the jury is still out on whether the AUDJPY is likely to turn lower after Tuesday’s bounce or continue higher.
Short
by Daily-Price-Action
AUDJPY Breaks Key Support, Targets 83.73The AUDJPY appears to have broken a key support level. The 85.35 handle has been a critical factor for the pair since the start of 2017 and yesterday’s close at 85.32 should continue to attract selling pressure. But as you may well know, what we sometimes think are precise levels are instead areas of support or resistance. So yesterday’s close being just 3 pips below 85.35 leaves me too skeptical to do anything at the moment. Also, the yen cross is now 140 pips below the mean as measured by the 10 and 20 EMAs. With this in mind, I’d rather wait for a more convincing close below 85.35 followed by a retest of the area as new resistance. The next key support level comes in at the December 29th low of 83.73. This area also attracted a bid in late November and early December of last year. A close below 83.73 would expose the mid-November highs at 82.50. Right now the technical landscape for the AUDJPY is favorable, to say the least. The pair has been respecting the key levels mentioned above, and the recent breakdown presents a potential selling opportunity. But perhaps even more favorable than the levels is the fact that other risk-sensitive pairs are showing signs of weakness. Some of the best trades can occur when the yen pairs begin to move in tandem. Look no further than the rally that ensued from the November 9th U.S. elections.
Short
by Daily-Price-Action
AUDJPY profit target reached, time to turn bearishSell below 86.68. Stop loss at 87.10. Take profit at 85.90. Reason for the trading strategy (technically): Price made a bounce and reached our profit target perfectly yesterday. We now prepare to turn bearish below 86.68 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance) for a further drop to 85.90 support (Fibonacci retracement, horizontal overlap support). RSI (34) is seeing descending resistance hold price down.
Short
by theforexarmy
1
AUDJPY profit target reached perfectly, prepare to turn bearishSell below 87.48. Stop loss at 87.80. Take profit at 86.39. Reason for the trading strategy (technically): Price bounced up perfectly and reached our profit target as expected. We now prepare to turn bearish below 87.48 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to 86.39 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement)> Stochastic (21,5,3) is seeing strong resistance below the 97% level.
Short
by theforexarmy
1
AUDJPY profit target reached perfectly, prepare to turn bearishSell below 86.72. Stop loss at 85.98. Take profit at 87.10. Reason for the trading strategy (technically): Price has reached our profit target perfectly from yesterday. We prepare to turn bearish below 86.72 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to 85.89 support (Fibonacci retracement, horizontal overlap support). Stochastic (21,5,3) is seeing strong resistance below the 95% level.
Short
by theforexarmy