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
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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