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#AUDJPY continues to rally in line with the risk sentiment however, the price is approaching a major resistance level.
What #trading opportunities will this provide?
Today, I’m gonna take a look at AUD/JPY as the price is approaching a key level. So we can do one or two things: we could trade up to that level or we can wait for the price to reach that level.
Weekly timeframe
On the weekly timeframe, you can see that the price is approaching this weekly swing low, around 72.47. What I’m expecting is, as the risk-on market sentiment continues, the price should push up and retest these lows, which gives us a couple of opportunities.
The first opportunity, if we go down to the daily timeframe or even to a four-hour timeframe, is looking like the market will continue the trend up into that area of resistance.
We can see that the price is now forming a higher high on the four-hour timeframe. What I can do is dive down into my lower timeframe and look for the market to pull back into this zone. That will look like a rally, a pullback into the zone, and then a continuation at that point into that level.
So, that’ll be the first opportunity you can look for here on AUD/JPY. You can look for that continuation of trend on an hourly timeframe. You can also dive a little bit lower and look for intraday trading opportunities.
You can go down into a 15-minute timeframe and look for the markets that bounce from the averages and continue to the upside.
If the price comes back and retests these recent breakout holes, you could look for potential long opportunities all the way up into that 72.47 or 72.50 resistance. The next step would be to wait for the price to reach this level and look for the reversal.
So, if the market pushes up into this 72.50 area, look for the market to bounce, form a double top pattern or any change in cycle pattern, and look to short the market in line with the reversal from that weekly area of resistance. You can look on the four-hour or 1-hour timeframe, for that reversal.
Keep an eye out on AUD/JPY. This market aligns with that risk sentiment in the market. At the moment, we’re seeing a continuation in the stock market.
The Dow is still pushing to the upside, looking for the market to reverse. We could see that ASEAN pushed higher into that weekly zone of resistance and then started reacting from that level.
So, keep an eye on AUD/JPY and watch for this 72.50 zone for resistance.
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