Overall LONG trend on the pair that needs to be supported by a short-term sell for the rally to continue to the upside.
Market printed a 'W' formation on the Weekly and the SHORT is based on the retracement to the neckline of the structure.
Confluence is further supported by an increase in LONG contracts of Hedge funds in Canadian Dollar, strengthening CAD...
Observe and pending price action confirmation, short AUDJPY around 74.640 with an aggressive stop at 74.750 (or conservative stop at 75.200) targeting profits at TP1: 73.000
TP2: 69.935
FOREXCOM:AUDJPY
