FX:AUDJPY Australian Dollar/Japanese Yen
Looking at the AUD vs JPY 4 hour time frame you can see the S & R levels @ 87.5 and 90.0. Price is inside of the Kumo Cloud with a TK Cross happening inside the Kumo making this a medium strength signal but the pink line which is the Chikou is still below price which tells us the momentum is not there for a long trade at this time. If price breaks above the Kumo at about 89.5 all signal will be with Chikou above price and price above the Kumo. The Tenkan is showing short term momentum but the Kijun is flat showing no medium term momentum. Just breaking the Kumo would give us 50 pips before reaching the resistance @ 90.0 so to enter a long trade I prefer breaking this 90.0 level. I don't think that will happen in the near term because if we have just finished a 5 wave move we could see a sideways (abcde) horizontal triangle movement. Trading between the range at 87.5 and 90.0 is possible short term but on the long term move we will wait for price to break above 90.0 for a long move to possibly the 92.0 level. Have a great and blessed trading week.