AUDJPY Stuck in A Tight Weekly Range!

Looking at the above Monthly charts, 4 consecutive DOJI candles have formed at a crucial support of 82.000 psychological level. It represents serious indecison among the BULLS AND BEARS fighting to take control of the situation.

On the weekly chart venturing deep, it can be seen that the price has been confined in a long term triangle that has been held on many occasions. Currently the price is testing the lower end of that triangle and as seen from the chart it has been stuck in a tight range over a period of numerous weeks. Personally trading this pair at the moment is a very tricky scenario and i would rather wait for the price to start trending again either by violating the lower trend line of going up. For the price to start trending it has to break the weekly range that has been forming.

Although range trading can be good but in this case the range is very tight and it will not favor the risk to reward ratio, so its safe to say its better to be patient on this pair.

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