Since my last recommendation on the AUDJPY pair was to go short, the market did not trigger through my sell point, and instead rallied.
The current price structure is the legacy of that move away from the selling level from a couple weeks back.
Now there is a Minor Pivot Stack formation with the underlying uptrend as continued support.
Go long if the price trades through 79.850 and place the stop loss at 78.740 and a profit target at 82.150.
Order cancelled
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The price turned in the opposite direction soon after writing about this setup.
When the price moves this swiftly and with enough distance in the price, this will typically void the setup. This is because, either the price has gone to the opposite side of the Pivots or because of the magnitude of the move, new Pivots have formed in the next trading session.
This underscores why I wait for a confirmation of strength or weakness before entering the trades.