SKACAPITAL
Long

AUDJPY WEEKLY CHART OUTLOOK SKACAPITAL

FX:AUDJPY   Australian Dollar/Japanese Yen
As seen on the Weekly time frame we have further bullish signals which relate to the monthly chart. As we have distinguished the overall bias for the Monthly chart is bullish then we would look for the bullish signals on weekly time frame. However, if price does breach and closes below the trend line as explained on the monthly then we would be relating back to the monthly chart and the weekly analysis would have to be re analysed.
We have a possible harmonic patter forming. However, target is based around the pink harmonic ratios of price 89.950-90.000. Once this target has been met we would then analyse price to distinguish if the blue harmonic Is actually in play. We can go into through explanation however, the bullish signals are as follows:

Bullish Engulfing candlestick
• Oversold on the RSI
• Price sitting on upward Trend line with Bullish Momentum in Candles.
• 200 EMA acting as magnetic resistance in target area.
• Possible harmonic pattern forming

We have over three bullish signals on the weekly time frame therefore, once we drop down to the daily time frame we would look for the bullish setups. But we would also have short setups for the shorter term trades.

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