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AUD/JPY: Volume Profile analysis 🚀Hello guys, a nice intraday trading opportunity has just occurred on AUD/JPY. Let’s check it out! There was a strong uptrend activity earlier today as the JPY weakened against the AUD (and also against other currencies). Before this trend activity, there was a rotation in which heavy volumes got accumulated. I believe that institutional traders were entering their Long positions there – in that rotation. After that, they pushed the price upwards into a new uptrend. The heaviest volumes before the uptrend were traded around 79.66 area. You see it nicely in the picture below, where I used my Volume Profile indicator. This zone is clearly an important place for institutional buyers who placed their Long positions there. For this reason, I think that those buyers will want to defend this zone in the future. This is why I think this will work as a strong Support. When the price makes it there again in some point in the future, then it is likely to react there and turn upwards. Why? Because the strong buyers from this zone will become active and defend this zone (=push the price upwards again with aggressive Market Orders). I hope you guys liked today’s day trading analysis. Let me know what you think in the comments below! Happy trading! -Dale
by Trader_Dale
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