AUDJPY Done Correcting?

FX:AUDJPY   Australian Dollar / Japanese Yen
This pair seems to be finally done correcting. Has found support at the sliding parallel of a modified Schiff pitchfork . If it holds, we should see a rally up to the 95.75 level, or perhaps even to 96. Otherwise, the correction will continue to reach 94.22 or (less probable) even the lower median line parallel.

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Nice chart. Decided to throw my thoughts into the discussion. I do believe that it is probably finding support somewhere around here, nice confluence of support through both multi-pivot lines and Fib levels.
+1 Reply
ForceFollower wuweitrader
Thanks. Anyway, it looks like the AUD had to be dumped more than I had expected...
Good afternoon, what is your take on AUDJPY after the move in AUDUSD? Have a good trading day!!
ForceFollower HamzaLeith
I think AUDJPY is way oversold. It is exhausted falling down. There's a very strong support level at 93.777. That's why I think it's pretty much done falling. If there are new lows to come, they'll be very timid. I'd expect a move up now at least to 94.25.
+1 Reply
HamzaLeith ForceFollower
ForceFollower HamzaLeith
Anyway, if you're bullish and you want to go long, as an entry trigger, wait for the first higher low on a small time frame - otherwise you may keep catching a falling knife.
Basically it works like that:
- if you want to go LONG: No higher low, no reason to go.
- if you want to go SHORT: No lower high, no reason to try.
Such a method is not a bulletproof vest, but in the long run it's better than nothing.
HamzaLeith ForceFollower
Haha nice mnemonic aid, I will remember that!
ForceFollower HamzaLeith
Very well, Hamza. Let me just add one thing about the AUD. If you want to bet on the Aussie's strength, I'd do that against the CHF or the EUR (they are the weakest ones), rather than against the JPY, which is very strong of late. So, me, I'd prefer to go long AUDCHF (looking to go long at 0.8252) or go short EURAUD (looking to go short at 1.48333).
delete ForceFollower
never addicted to pairs.. when you see technical sign.. walk away :)
+1 Reply
HamzaLeith ForceFollower
Actually I am betting more on JPY strength against USD, EUR and GBP, But I saw your chart for the Aussie and noticed that the price has reached a major low so I was wondering what the correlation (of JPY) would be with those other currencies
+1 Reply
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