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Audjpyidea

AUD/JPY - JPY Correction SoonI expect JPY pairs to correct across the board soon, most of them are very oversold. On this pair RSI is very high even on weekly timeframe, same goes for CAD, EUR, and GBP to JPY. All these pairs are at resistance levels, GBP/JPY is actually surpassing the resistance level as well so that is further reason to see a pullback. I am not entering shorts personally at the moment because the trend is going up very aggressively, this is just an update on where the move may go and where possible longs can be taken from. I expect all these pairs to retrace to at least 0.5 Fibonacci, they could possibly retrace further so the price needs to be monitored before entering trades if and when this happens. I expected these to see a retrace sooner but they have clearly continued to shoot higher so considering the resistance level and RSI they are likely to correct very soon.
by olly48
AUDJPY - LONGLong AUDJPY @ 83.23 TP: 85.00 SL: 82.90 Ive decided to go long AUDJPY as the Aussie has been better bid of late and there has been some nice consolidation around this level which will act as support for the trade (around 83.00 level) as well as fibbo support around this level too. US dollar is very week at the moment and therefore AUDUSD should continue to grind higher taking AUDJPY with it. The reason I stay out of AUDUSD and go for AUDJPY instead is incase the US dollar rolls over and stats to rally. If this happens, USDJPY will go bid meaning that JPY weakens further thus giving AUDJPY another reason to breakout. My stop is set just below the 83 level, just for some breathing room. I will need to see a sharp spike below or a daily close below this level before I decide to close out the trade. Lets hear your thoughts below ... Goodluck!
Long
by WhosPipsAreTheseAnyway
6
AUDJPY long trade ideaPlan: wait for the price retracement or bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
2
AUDJPY long trade ideaPlan: wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
3