WILL AUDJPY RISE?
When looking at a cross pair it is important to take the major pairs into consideration.
When trading AUDJPY you have to remember you are trading AUDUSD vs USDJPY.
AUDJPY (the left chart) shows price has formed a new higher high and currently testing
the 4hr support zone where we could look for a long opportunity.
AUDUSD (top-right chart) is currently finding support at a key trendline suggesting we could
see price bounce higher.
USDJPY (bottom right chart) is currently retracing into the recent breakout highs where the price
could find support.
The move on AUDJPY will come when one major currency pair makes the move first. If USDJPY
re-tests the structure and forms a bullish reaction we need to assess AUDUSD to see if the price
is doing the same adding confluence to our AUDJPY idea.
When trading AUDJPY you have to remember you are trading AUDUSD vs USDJPY.
AUDJPY (the left chart) shows price has formed a new higher high and currently testing
the 4hr support zone where we could look for a long opportunity.
AUDUSD (top-right chart) is currently finding support at a key trendline suggesting we could
see price bounce higher.
USDJPY (bottom right chart) is currently retracing into the recent breakout highs where the price
could find support.
The move on AUDJPY will come when one major currency pair makes the move first. If USDJPY
re-tests the structure and forms a bullish reaction we need to assess AUDUSD to see if the price
is doing the same adding confluence to our AUDJPY idea.
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