The trillion dollars report COT (The commitment of traders report) show that more and more bulls of Australian dollar in the position and relatively not much changes on the Bears side . Plus the Japan central Bank (BOJ) working very hard to weaken the Yen. The combination of these two produce bullish trend on the AUDJPY pair as we notice the AUDJPY Daily chart look toppish with stochastic in the overbought area , in the last 24 hours the 4 hour maintain a sideway let the 21 to catch up , many times this pair go sideway then one fundamental news make it shot up without any significant pull back.
The bulls looking to long at Psychological level of 85 area and Weekly Pivot (WPP) target 150 pips to 85.5 area which happen to be from previous resistant area . The bear looking to sell at double top and resistant area of 85.5 . Waiting is the biggest risk for retail trader. when the market move side way like Monday AUDJPY has range of 72 pips , we could easily get in to the trade without any result. Trader only get pay when we make pips .
In the past 24 hours , most of the major pair go sideway . It is a waiting game wait for the pips fall into our set up .