AUDJPY looks to be a long term buy on the daily time frame and it will probably test a few resistances again that were set a long time ago. So for now AUDJPY remains a big buy!
What would validate a sell? Well a break of the lower range and a break of the previous resistance that just has been broken will validate a sell. So either hop on the bull train or have some patience and see if it will go back down below the broken resistance!
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After a nice bounce up giving good profit AUD tanked on RBA statement. This has brought AUDJPY back at the resistance and lower range. A nice buy opportunity if you arent buying it yet
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If you followed and bough the AudJpy dip or North Korea dip from last evening, now is a good time to book profit! Should be around 80-100 pips
Funny: I am actually bearish on AUDJPY :). See my idea:
Anyway, we will see how it goes :)
JoshFX1
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@pkos, Nice idea! The past week I made twice profit on buying the dip on AJ so next week I leave it alone a bit. Maybe 3rd dip is the real break/crash down.
pkos
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@JoshFX1, Yes, we will see. Actually AUD seems to become bearish if you look at AUD/USD pair. It has broken a support on the daily (draw a support between downs in June, July and end of August) and something like a double top has just been formed there.
JoshFX1
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@pkos, Can also be a bounce back of the lower range. But I rather sell AudUsd everytime it goes above 0.8020 than attempting a buy. So I wait with this pair till the sell is ready
Anyway, we will see how it goes :)