After breaking an ascending channel, price made a re-test at the 74.50-74.80 area and continued its way down.
At the moment, AUD/JPY is testing the 72.40-72.60 support zone. Since this is a volatile market and anything can happen, here are 2 different scenarios:
-If we can have a clear break of that zone to the downside, wait for a re-test and look for a SHORT entry on a lower time frame ;
-If price rejects this support zone and gives us a reversal signal, look for a LONG entry.
Do always use stop-losses and remember this is not financial advice.
At the moment, AUD/JPY is testing the 72.40-72.60 support zone. Since this is a volatile market and anything can happen, here are 2 different scenarios:
-If we can have a clear break of that zone to the downside, wait for a re-test and look for a SHORT entry on a lower time frame ;
-If price rejects this support zone and gives us a reversal signal, look for a LONG entry.
Do always use stop-losses and remember this is not financial advice.