AUDJPY welcomes BOB, GBP update

Good Evening Dynamic Traders

Apologies for there not being an image, I seem to be having technical problems with my software and it won't upload. Today we welcome a BOB on the AUDJPY daily chart - and a very bullish bar at that! We've been following this pair for a few weeks now in anticipation of this possible breakout. Both MACD and RSI are still showing good strength and momentum, although we've had quite a consistent run up in the past couple of weeks, so may see price take a breather soon.

Remember we have the up trend in our favour, price is above the VI, our recent consolidation tagged a fib breather level and we now have the BOB of a previous high. So stacking up the odds we're in good shape for a continuation to the upside. We are approaching a RN however, so may well see price lose some stream in the meantime. On the other hand it may well ignore the RN and just keep going! Dynamic Traders, using ESLT would be a good choice of tool here, armouring you from any potential FBO's.

Looking at the GBP we failed to see a breakdown and price has bounced up and broken above the VI. What does this mean? Will price resume to it's current up trend? Or is this simply a retest of the H&S neckline? Whatever the case price is still ranging, so my preference of entry will either be a BOB of the high or of the low. Until then as SM we should patiently await for price to make a definitive move.

As always please carry out your own analysis.

Wishing you all great trading!
Sonia Molina