AUDJPY gathering momentum?

Good Evening Dynamic Traders,

Hope you have had a enjoyable week so far. I have selected the AUDJPY chart for tonight's blog. Apologies for a slightly messy chart, however, I wanted to ensure I get some of the angles covered. The Daily chart shows that price has found support around the 71 mark and bounced back (possibly to resume the trend). Some of the traders out there may have thought that they have missed their opportunity on this by 3 or 4 days.

The more experienced traders will know that it is very difficult to get in at the very low and get out at the high. My point is that it is not too late and you have not missed the "boat". Price is approaching several key items which will provide us with indication of imminent action. These include resistance levels and trendline resistances, Fib reversal levels and RNs. Of course if the bears are stronger then price will find the items mentioned to be obstacles and will not be able to penetrate them driving price to go down.

If however the bulls take charge and are proved to be the more dominant force then price will break through the barriers and head north. Either way opportunity will be present. Trading with the trend will be far easier and will carry less risk.















Wishing you all a fantastic weekend and a good trading week ahead. Due to work/travel commitments my next blog will be the week after next.

Bijal Shah