Based on my analysis of this pair I see major consolidation around the 1.17500 area. Market has broke that area and is now retesting that area again. Awaiting bullish engulfing candle (4hr) confirmation as a sign of a reversal pattern.
I have a short Bias on the AUDJPY. There is huge resistance at the psychological resistance level 87.400. This point has been one of trouble for this pair to break based on past data. I am looking for a bearish engulfing pattern to signal a move to the down side. Also AUD news (High Impact) comes out at 10:30 Atlantic time. This should be just the news to cause a...
1hr previous support/resistance broken with a strong bearish candle. Basing entry off the 1hr timeframe. Looking for a bearish close and break on the 4 hr chart as well.
