Today is a quite day in term of news either from Bank of Japan ( BOJ ) or Reserve Bank of Australia ( RBA ) . The Commitment of traders report ( COT ) indicates there is less buyer for Australian dollar in this 2 weeks , it has drop more than 500 pips and YEN also weaken significantly so this 2 weak currency produce AUDJPY that is ranges bound results , It has about 200 pips of weekly range and average daily range of about 1oo pips. Trade plan is to make an average of at least 50pips/day on this range pair.
Looking at daily the trend is down The Bears will be interested to sell at near hourly 21 and Daily pivot DPP about 79.25 area or conservatively wait till London money come into the market to sell at this area but by then the stochastic probably in the more favorable over bought area .
For the bulls a nice pull back to the daily M2 + Psychological 79 area will be buying zone. weekly M2 to M4 about 81 , a nice 300 pips ranges.
Happy and safe trading