Macro-data has been buoyant for AUD so far, technical analysis shows break upwards for AU.
Expecting an inverted H&S or Cup & Handle formation to occur, giving us a good entry of 0.7144 at best, or 0.7165 for more aggressive positions.
After the impulse move up we saw on Friday, USDJPY has retraced to form this flag formation, which upon close above the breakout of the flag, we will see 112.7 as final TP.
UJ longs are bolstered by good fundamentals on the USD side, despite soft labor data from recent NFP, we should see UJ rise for the short to medium term.
Good luck and trade safe.
After breaking out of the Weekly bear channel, we saw a pop up of 300 pips (c.100.8-104.0), and noticed a Bull Continuation Flag building up over the days.
Deep Take Profit Point lies at 107.8, with the pole being the same length as seen in the charts. I am looking to Long USDJPY 0.17% till at least 75% of the pole's length, which TP lying slightly above 106.5....
USDCAD failed to close above the blue line of 1.32417, which is strong resistance, though challenged and broken, shows that bulls dont have much power to break upside.
Challenge of the bottoms is in play now, and we can ride the USDCAD bus down for decent $$$. See you there