CapMoore

Price Reaching Kumo Cloud Resistance after Breaching Weekly PP

FX:AUDJPY   Australian Dollar/Japanese Yen
12 0 0
Price cut through Weekly PP yesterday and has now reached
the Kumo cloud resistance. Pre Europe Shooting star candle
stick right at Sep 2 swing high, warns of a pullback, but looking
at momentum , currently trading above Daily R1, one would like
to see that candle stick pattern triggered by a close below the
low of the shooting star, at 84,60, for more conviction. Else,
weekly R1 and Daily R2 is next level of resistance 85,50-80
zone. A bullish TK             cross in bearish territory has occured overnight.
Last time that happened, it marked a top as price was rejected
by the Kumo cloud in the end of august. A first sign of weakness
should be an hourly close below Daily R1 at 84,85.
Support stands around Weekly PP and Daily PP/ Kijun Sen,
at 83,60-80 zone. For long scalps, look for a possible Bread
and Butter trade if price closes below the 3x3 DMA (Blue line)
by the first fib support of the impulsive leg, currently at
84,13.
For bears, watch out for a DRPO sell (close below the
3x3 DMA, then a close above again , preferrably with a new
high, and then a close below the 3x3DMA yet again, for a
signal to sell. Again, a close below the Shooting star
will also trigger that sell pattern.
AUDJPY             is in a established downtrend and short entries
are preferred on a daily or higher timeframe.
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