AUDJPY BOB today? What next?

Good Morning Dynamic Traders

I hope you're all enjoying success on the markets so far this week. The blog from Tues on SGD has seen price continue down. If you're in this trade you should be enjoying good profits.

I'd like to take a look at the AUDJPY which I mentioned back in mid Sept. Since then we saw price continue ranging with no real set up to enter on. As of this morning, price is piercing through the upper TL of the triangle formation with some real rigour. Of course we're still very early in the trading day so anything can happen between now and close.
















Should we see a BOB, we then have a R level to contend with. Price has attempted to break this R several times without success. To strengthen the R level further we have the RN too. So what will price do? Well it doesn't have many options to be honest. It will either finally break the R and go up, or find it too difficult to break and reverse or simply continue ranging. All we can do is gather our information about the chart - we have the lovely trend as our friend, VI is acting as support for price and RSI has recently crossed above 50 - although it has been dipping up and down.

Should price break the R area, it then has the previous high to break before a possible continuation in the trend. So put the odds in your favour and await a correct entry.

One to check in on tonight to see how price finishes. As always please carry out your own analysis before entering a trade and always sanity check with your rules and TP.

Great trading!

Sonia Molina