FX:AUDJPY Australian Dollar/Japanese Yen
Looking at the AUS vs JPY you would think this post was a repeat but it's not! The AUD vs JPY is a mirror image of the NZD vs JPY . With this chart we can get some clues on the NZD vs JPY. Both moves began last June with the AUD vs JPY starting @ 74.487 and topping off @ 105.446. On the monthly time frame the pair was about 1200 pips away from the Kijun before it started to make a corrective move downwards. The correction of 50% would place us right at the monthly Kijun support level. When the market gets to far from the Kijun a correction is in place to equalize the market. It appears that the correction is in progress. On the shown you can see how price broke out of the Kumo but retraced right back to the bottom of the Kumo resistance level and proceeded downwards. This is also what were looking for from the NZD vs JPY. I would love to see a slight pullback and then I expect this pair to find a resting place at the monthly Kumo.