AUDJPY looking for resumption of phase 1 continuation of uptrend on the daily timeframe. Phase 1 moves up are generally twice as long as pullbacks (phase 2) meaning daily chart indicating resumption of phase 1 is imminent which will be confirmed by candlesticks on lower timeframes starting bullish. Also looking for price to come back up towards 200 EMA around the .72 level further confirming the decent risk:reward ratio here. Last daily candle was strong and bullish so waiting for buyers to clearly resume the uptrend before entry, maybe one to watch this space on. I like to keep my charts fairly vanilla but MACD is building back up through 0 again which gives me further confidence.
In the grander scheme, I am expecting stronger Yen over the foreseeable but this shouldn't jeopardise the trade too much (famous last words).
In the grander scheme, I am expecting stronger Yen over the foreseeable but this shouldn't jeopardise the trade too much (famous last words).