Hi all,
AUDJPY weekly - we have to take AUDUSD ( please check our previous Weekly Tech Overview here ) and USDJPY into consideration. In both cases bulls have got a chance and space for rally. If true, that could help to test top of the channel on weekly AUDJPY chart and that could be the first chance to go short ( failure to close above ). Any kind of action from BOJ may help for further rally twds 88 ( that would be +10% from current level ) and it could create another chance for sellers.
AUDJPY weekly - we have to take AUDUSD ( please check our previous Weekly Tech Overview here ) and USDJPY into consideration. In both cases bulls have got a chance and space for rally. If true, that could help to test top of the channel on weekly AUDJPY chart and that could be the first chance to go short ( failure to close above ). Any kind of action from BOJ may help for further rally twds 88 ( that would be +10% from current level ) and it could create another chance for sellers.
Weekly close above 88 will cancel bearish scenario and will open the door for a test of 95/96 levels and then 100/102/105 ( its not unlikely with strong Central Banks manipulation in place ).
Summary: patient is needed, short could be in play only with failure at the top of the channel ( break and close above could be short term buy signal ) or on a rally towards 88. Good Luck.
Mr Price Action
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