Good day traders!
AUDJPY Weekly TF – This pair is seeing some support right now at the 89.8 level and last week’s candle ended with a doji, showing that traders are facing indecision at this level.
If this support fails, we can see this pair lower at 88.2 support zone.
After looking at this chart and if we still want to trade this pair, we should look at the daily chart coming up next.
AUDJPY Daily TF – Now, lets look closer into this pair. What I can see here is the price consolidating in a range.
We have looked at the weekly TF and know that there is a support level here, hence why we are seeing a range on the daily TF.
If you are not already in this trade, I would suggest employing a breakout strategy because this pair can go either way at this moment.
If you are already in a trade and entered within this range, try to get out or put a stop loss just outside of a range, cos you don’t wanna be caught if this pair starts to move against u.
I would only trade this pair in the lower time frame personally, maybe in the 15 min chart and using the range to guide me. The next chart we will be looking at is the 2hr time frame chart.
AUDJPY 2hr TF – Looking even closer, we can see the consolidating nature of this pair right now.
I have marked the resistance levels as R1 and R2 and the nearest support level at S1.
A clean break below S1 might signal more down moves but at the moment, this pair seems happy going sideways.
I hope the article have helped you.
All the best trading.