AUDJPY has set up a nice 300 pip range for us from 77.41 to 80.41. I'll bite. Will wait for a limit buy to trigger to enter against a tight stop. If it breaks below I'll go short. If it reaches 80.41 and pushes through resistance, it becomes a trend trade and I'll follow it. Otherwise, I'll take my 300 pips at resistance and move on.
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the pair seems to be having a little trouble getting back down to baseline. However, it finally broke support today. A short was entered and on retracement/subsequent movement down was replaced with a higher one @ 78.12. The idea is to ride this to the limit entry below and go long.
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Still short and getting closer to reaching the limit long at the trend bottom. The pair has finally broken support, done a little retest and resumed down. This week could be good towards getting the up trend started. Bad news is expected for Aussie on the rate front which should help move it closer the base. Much is probably already priced in, but the event should cause a spike as well. I'll follow along accordingly. Without a specific exit rule to apply, the short will continue.
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Quick note to get the numbers recorded for this pair. Bottom right is a sequence where the candles show the range of support recoil and the range of resistance recoil. This will be typical for this pair, and may vary under different market conditions (volume high or low, etc.). It recoils up from support about 15 pips, and retracts down from resistance about 9. Those can be used for setting stops around resistance points for this pair. Allow for the cross over a resistance price by those amounts to set entries as well. If it crosses more than that, it probably won't come back. Allow a couple pips buffer (5?) and that's a stop loss spot.
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The aj short continues. Like AU I'm working the short side to a bottom in order to get long for the trend up. This current trend needs to bottom and reverse first. AJ has broken major support and is now closing in on a bottom. There are 3 levels of previous support shown to the left here. This pair is well ahead of au, and the coming week should be interesting for both pairs.
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A daily view of the above progress for the week. The three levels shown are previous support. These are the most likely levels for a bottom and reversal to occur. We could also get periods of retracement before continuation at any of these prices.
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Still short and looking to get long from the bottom. The monthly chart gives some good perspective. Currently the pair is about to touch a longer term 50% line. The 76 support level was broken at the end of the week and continuation is expected. We will continue to follow the trend.
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AJ finally broke below 3 weeks of consolidation in a narrow range. AU and EU have not followed suit here and are still trapped in their respective tight ranges. It is expected the pair will continue down over the next few months with consolidation or reversal possible at any of several historic support levels. The one broken this week dates back to mid 2016.
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down trend continues. without the influence of $ or Euro, AJ has much clearer price action than AU. Next support comes in at the June 2016 low at 72.442.