FX:AUDJPY   Australian Dollar / Japanese Yen
309 0 0
As shown in Chart,that RED line is considered as very strong Resistance.Even the pair has trying touch this level 3 times during a year since 9-2011 ,two of such move has failed to settle down above this level and only one is works out. . Right now,the Pair has been succeed to reach this level and stand there working in side way trend(Trading area). We can understand that,there's good buying power support same time there's sell Power trying to get the pair down this level. Due to such struggle between Bears and Bulls the pair is working in narrow channel.The question is what we must to do right now.? I think here is the good thing of Technical analysis if you get help using some indicator like MACD and stoch ,we can figure what's going on next few days.Let's start with MACD ,makes some crosses between Signal line and their ava.Line at last,the Signal line cross up their ava.Line and buying signal has been generated,as well the MACD break their down trend line (Dot Line) in up way...GOOD SIGN...If We have a look at the stoch Ind. we can see obviously since a time , Stoch .works in side way and never get their over Sold area which means more good up move in the pair as well the Stoch has break their up boundary line and it stand there in Over Bought area,which i find its a good BUY sign as well. Now the right thing,you might do, be there wait for more confirmation,one of the very good confirmation that the pair breaks up the 38.6 Fibo and settle down above this ratio ,then i can place BUY Order.

About me i have no doubt that the pair will succeed to settle down their above 38.6 Fibo, especially when we have a look at the Weekly Chart and the indicators MACD and Stcoh. shows strength in trend in up way ( Buying Power) which increase the possibilities of the pair to settle down above the ratio of Fibo trying to Target 88.5 at last..GL
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