AUDJPY In a strong trend

FX:AUDJPY   Australian Dollar / Japanese Yen
166 14 4
It's quite possible that this market is heading for the nexus point that combines the grey upper median line parallel and the red sliding parallel off the April-2013 top to the left. However, prior to that there's the 50% retracement at 95.91, which is quite likely to put at least a temporary stop to the ongoing rally. Further resistance is probably coming roughly from those lows at 97.33. Support is to be found at prior highs at 94.47 - above it good buying opportunities may show up.
I know the previous setup has failed. But how about this one?
itaskar ForceFollower
beautiful..if I were at home.. :))
Thanks. Market's hit the median line. :-)
I'm still long, looking to TP at 95.87.
itaskar ForceFollower
I like this, I am in now
I am afraid that the retracement will take us as low as to 93,80-60. I don't trust this pair. It sticks in a sideward range since August last year and is still fooling us.
ForceFollower motleifaul
Yes, indeed. :-) My long position seems to be net losing now. I'm still looking to TP at 95.91, but I may have to wait for that longer or never see it hit at all. I don't know, this market may want to record new lows (ie. hit some stops, fresh blood) before it makes another rally (so those stopped-out bulls reenter and fuel the rally again).
Like2Move ForceFollower
I'm looking for entry @94.6 and 93.8. TP @ 97.5 ... 98.0
ForceFollower Like2Move
Very well thought. Your patience should reward you.
Up to now it's working well.
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