ForceFollower
Long

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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There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial adivice.
I agree with you ...also 200ma is there as support at 94.50
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maybe this pattern will fail, but for now, there is Adam Eve top with broken neckline
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Sure, it looks toppish, but let's see, how it develops. I sort of can't imagine it going any lower than 94.22.
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itaskar ForceFollower
why 94.22?
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It's a half-way point of the grey impulse move (the red horizontal line). I have found such levels to act as a good support level for strong trends making a deep retracement. Let's see, if it works this time as well. It's just yet another opportunity to verify it.:-)
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So far so good. It's currently correcting, but the green support level seems to be able to hold. If there are no new lows, I'll be looking to take profit at 95.530. Otherwise I expect a bounce off the 94.3 support level.
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Now that we can see that the support at 94.5 nicely holds, we can anicipate this rally to take out the two highs to the left and go up as high as 96.00, or to 95.70 (Ret-0.618) at the very least. :-)
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Climbing up the channel on a daily time frame...
http://www.mql5.com/en/charts/1808856/audjpy-d1-oanda-division1
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Good afternoon, what is your take on AUDJPY after the move in AUDUSD? Have a good trading day!!
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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.
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HamzaLeith ForceFollower
Thanks!!
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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.
:)
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HamzaLeith ForceFollower
Haha nice mnemonic aid, I will remember that!
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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).
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delete ForceFollower
never addicted to pairs.. when you see technical sign.. walk away :)
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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
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imaxcare HamzaLeith
93.00 will be good target to book profit
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HamzaLeith imaxcare
something like this??
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ForceFollower HamzaLeith
That's a possible scenario...
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Yes, as long as the support at 93.777 fails to hold. :)
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ForceFollower HamzaLeith
That's ok. The JPY is very strong, almost as strong as the CAD now. So, I'm ok. with betting on JPY's strength against the CHF and the EUR (less so against the GBP), as long as you do it skillfully, which means, you know, utilizing the virtue of patience, timing the entry, looking for the trigger, so the odds are overwhelmingly in your favour. I'm not saying you don't do it, rather what I'm saying is: stalking an entry is a very good practice, positively contributing to your success rate. :)
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HamzaLeith ForceFollower
That is definitely something which starting traders need to work on, the excitement can sometimes be make a man take regrettable decisions :), Thank you!!
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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. https://www.tradingview.com/v/PzMCRAiJ/
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ForceFollower wuweitrader
Thanks. Anyway, it looks like the AUD had to be dumped more than I had expected...
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