i've been looking at this pair for a long time now. First, i've missed an opportunity to go long at the 82.00 level. Then, i saw price climbing up toward what would've been our potential target for a big pattern that was completed on the higher timeframe, namely the daily tf. Now, price has touched the 38.2 level of the bigger leg and has shown some signs of weakness. You can see price has gone two times in overbought conditions, and you can also see there's a major structural level looking left, that makes this case safer. Also, price has shown some rejection sign in the form of an engulfing candle on this timeframe. I'm waiting for a little retracement in order to short it, stops above highs and targets as shown.
If you have any idea/question, feel free to comment below. Otherwise, see you in the next chart!
@Roker1, only just started trading and open a long position on AUDJPY , forgot to close Friday so its standing now in the blackout, i know its a school boy error, do you think i will get hurt badly? I can see a massive support at 81.550 area, so hoping for a bounce there. What do you think ?