I personally am waiting in anticipation for Yen strength anytime from now. Even though we saw the Yen losing some ground the past few days, my sentiment remains the same, being a bear on all Yen pairs. By virtue of my bias, I’m simply looking for selling opportunities.
AudJpy Daily Chart
We had price open just above MM2 at 85.159 at the beginning of the month, which also coincides with a strong level of support. Being a bear,We also had a resistance psych level of 87.500 hold. Price then went on to break what was then an immediate support level of 85.000 which it is currently being tested as resistance. I'm hoping to see price fail to break to the upside of this level and go on to break through the 21 MA and then the immediate support level at MM2. By then Maybe the 55MA will hold as dynamic support.
AudJpy H4 Chart
Price finally broke the upside trend line drawn by joining the two highs from the previous week. This week price opened just below the weekly pivot point and already the weekly bull target has been achieved. Even though the market action MA's are not showing any market sentiment and the Stochastic is coming down from an overbought level, it would be ideal for me to see price retrace up to at least 85.15 for an entry.
AudJpy H1 Chart
Price is recently came off support after it broke through what was then a support level of 85.191. I'm looking forward to see it retrace back up to retest the level as resistance. The level lies within the Fib zone and also coincides with DM3