Hi Traders,
We are currently 4 hours into the New York session and AUD/JPY has pushed right into resistance,
Price is most likely to die down and range until market close but I saw it fitting to prep for next week.
Right now 91.0 is a strong psychological barrier for the instrument, Therefore if price manages to break and close above it will be great for us to look at investing opportunities. There is a clean range to the upside of roughly 270 pips and we have daily wick rejections at 90.0, Could this have been a liquidity grab to fuel price to potentially break the barrier? We will have to wait and see.
If we get the breakout I will be looking to buy once price starts retesting the resistance which will then be newfound support. I will be looking at 92.50 for my first Target and then leave the rest of my investment to run.
This is a clean trading setup and we can expect price to give us opportunities next week but only if price breaks and closes above 91.0 with a strong daily candle.
For now, Enjoy your weekend, Take some downtime, and next week we will be back at it again.
Renaldo Philander
We are currently 4 hours into the New York session and AUD/JPY has pushed right into resistance,
Price is most likely to die down and range until market close but I saw it fitting to prep for next week.
Right now 91.0 is a strong psychological barrier for the instrument, Therefore if price manages to break and close above it will be great for us to look at investing opportunities. There is a clean range to the upside of roughly 270 pips and we have daily wick rejections at 90.0, Could this have been a liquidity grab to fuel price to potentially break the barrier? We will have to wait and see.
If we get the breakout I will be looking to buy once price starts retesting the resistance which will then be newfound support. I will be looking at 92.50 for my first Target and then leave the rest of my investment to run.
This is a clean trading setup and we can expect price to give us opportunities next week but only if price breaks and closes above 91.0 with a strong daily candle.
For now, Enjoy your weekend, Take some downtime, and next week we will be back at it again.
Renaldo Philander