AUDJPY pais has been sideways for sometime.
However, the general direction for YEN is Weak. Thus I would like to look for Long opportunity.
Here is Hourly chart. An interesting thing is… both DPP and WPP are located at Support area.
Also this area is in Fib38.2-61.8% area.
Therefore, I am looking to buy this pair from 87.30 ish. The stop should be 86.75.
If you are carry trading, then you wouldn’t need TP. Otherwise, you can set TP as
a) 88.00 ish (Prev High & DR2), or
b) 88.45 (Fib 138.2%)
Hope this helps your analysis.
YJ Baik – Forex.Today