AUDJPY revisited

Good Morning Dynamic Traders

I last wrote about AUDJPY on 23 Nov. Price was testing the support TL for a fourth time and we had the possible 123786 formation. On the chart below we can see price broke the TL and also did a FBO at the VI support. Since then price has bounced back up - this may simply be a retest of the TL, it could be price trying to fight its way back to the comfort of its trend or even just part of a consolidation.

But remember we have the possible 123786 and some of you may have noticed the previous divergence also. So could we see price reversing? Of course, SM traders will be looking for a BOB of the VI at the very least before entering on a reversal trade. Check in on the weekly to gather some more insights. One to continue watching.
















As we have NFP due out tomorrow, my preference is to stay out of the markets during this time, so I will not be updating tomorrow. Have a great weekend.

Successful Trading!
Sonia Molina