AUDJPY Trading on August 15, 2013 34 ITM

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AUD/JPY Trading on August 15, 2020: 3/4 ITM | BinaryOptions.net

I received the motivation to do some AUD/JPY trading due to bo_brown’s trading thread on the forum. This isn’t a pair I’m readily familiar with, as I don’t really recall ever trading it at any point.

Comments

I am honored to get recognized in your thread, Mifune. I really enjoy your deeply detailed commentary and screenshots. I am learning and growing thanks to generous traders like yourself sharing every caveat of your thought processes while trading.

AUD/JPY Trading on August 15, 2020: 3/4 ITM

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USDJPY Forex Chart

Ideas

Okay so looking at this pair on a weekly chart we can clearly see 3 wave corrective structure and I wouldn’t be surprised if we get an upside break in the next few weeks. The fundamentals also support this scenario based on the crisis that’s going on around the world at the moment. This coronavirus has created uncertainty around the world and in times of.

From the daily perspective, the price reaches the resistance and finished it retracement, expect the next impulse on the next week From the COT perspective, hedge fund is quite bullish on USD and bearish on JPY, expect a price will push to the downside till the daily support and bullish after that. Since hedge funds always buy low and sell high. In the 4h.

A resistance level and a falling channel on a smaller time frame. Wait for the break to buy. Please leave a like and share your thoughts! Good Luck and Stay Healthy!

Here we can see a nice trend exactly as seen before, will be waiting for entry after markets open and will look for confirmation before entering, could see a nice drop though.

First breakdown analysis Video on USDJPY. Enjoy :)

ELLIOT AND PRICE ACTION ANALYSIS

Waiting for the next impulse leg down

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A bearish crab formed within the sideways bounce(red rectangle), if a break and close below the box could have an indication of a potential bearish flag pattern. Trade has already engaged and shared with my community on Friday, let’s see how this trade turns out.

USDJPY sell opportunity on the zone

Daily chart looks to head south next week. Fundamentals and think tank setups also affected by decision to SHORT. Will update my trade results when I have it.

In previous week, there is a reversal on the downtrend which complete the Elliot Wave for uptrend, however it might be a recovery wave in this current trend, which has to be retrace from the uptrend, in order to check for the downtrend, fib. retracement used to determine the direction and it is more possible to see a downtrend till 107.2, before it tends to look.

USDJPY has been showing some impressive moves recently. At the moment, it appears that price has broken through a key support level and is retesting it proving a good opportunity for reload sellers to push price lower. USDJPY failed to create a higher high and we saw a JPY gain alot of strength. However, we always need to be skeptical – we will be waiting for.

We are now in global shortage of $. Everyone needs $, which is increasing the demand of $. So always be long on $ with other currencies in this stage of deflation.

USD/JPY: Monthly timeframe: (Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves) Since kicking off 2020, USD/JPY has been busy carving out a descending triangle pattern between 118.66/104.62. The month of March concluded by way of a long-legged doji candlestick pattern, ranging between 111.71/101.18.

OOh boi . i’m Excited about this trade right here , caught this one at the top of a corrective flag . All the indicators are showing power to the downside , Good luck all !

USDJPY is heading towards our supply zone, am anticipating a sell down if price fails to break that zone.

Market Commentary: First have an look for the positional trend i shared here previous. if you are a follower of me. and sometimes i will share the counter trend trade also in 15 mins and 1hr. but that is risky ones. so if the trend is bearish or bullish, if i am expecting the correction. book the profit there and wait the correction to end and.

Technicals

Profile

USD JPY (US Dollar / Japanese Yen)

Also known as trading the “gopher” the USDJPY pair is one of the most traded pairs in the world. The value of these currencies when compared to each other is affected by the interest rate differential between the Federal Reserve and the Bank of Japan.

AUD/JPY Weekly Technical Outlook: Price Testing Trend Resistance

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. The Australian Dollar has rallied more than 4.7% against the Japanese Yen since the yearly lows registered last month with price testing a critical resistance barrier around the 83-handle. H ere are the key targets & invalidation levels that matter on the AUD/JPY weekly chart. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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AUD/JPY Weekly Price Chart

Notes: AUD /JPY is trading just below a critical resistance confluence at 83.00/05 – this region is defined by the 38.2% retracement of the 2020 decline & the 52-week moving average converge and converges on the median-line of the pitchfork extending off the 2020 / 2020 highs (blue) and former trendline support (red). Note that a resistance trigger in weekly RSI has already broken and highlights a change in the momentum profile.

A topside breach / close above this threshold exposes the 50% retracement / 2020 open at 84.25/44 with the 200-week moving average just higher at

85.00 . Support remains at the 61.8% retracement / low-week close at 76.26/29 and is backed by pitchfork support. Weakness beyond this threshold would likely fuel accelerated losses towards 76.26 and beyond.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on B uilding a T rading S trategy

Bottom line: AUD/JPY has continued to trade within the August / September range and we’re looking for the break for guidance. Price is testing the upper bounds of this region and a breach / close above 83.00/05 is needed to keep the immediate long-bias viable. From a trading standpoint, ideal scenario would see prices pullback for more favorable entries while above the March lows at 80.55. I ’ll publish an updated AUD/JPY Scalp Report once we get further clarity on near-term price action. Keep in mind we have the release of Australia employment figures on tap later tonight.

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AUD/JPY Trader Sentiment

  • A summary of IG Client Sentiment shows traders are net-short AUD/JPY – the ratio stands at -1.01 (49.7% of traders are long) – neutral reading
  • Long positions are 2.1% higher than yesterday and 2.0% lower from last week
  • Short positions are 18.3% lower than yesterday and 12.6% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUD / JPY prices may continue to rise. Yet traders are less net-short than yesterday but more net-short from last week and t he combination of current positioning and recent changes gives us a further mixed AU D/ JPY trading bias from a sentiment standpoint.

See how shifts in AUD/JPY retail positioning are impacting trend- Le arn more about sentiment!

Relevant AUD/JPY Data Releases

Economic Calendar – for the latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Previous Weekly Technical Charts

— Written by Michael Boutros , Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at [email protected]

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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