AUDJPY 1,000 Pips Trade and Major Support.

We talked about long term view on AUDJPY pair about a month ago: AUDJPY – Is It Finally a Turn? Well, it turned to be a turn! And we are here to report, that the trade was closed today at 50% support on weekly chart. Over a 1,000 pips profit and 1 month cooking. Nice start for a summer! Now let’s see what awaits AUDJPY in the future:

We are clearly at major support level: At 90.00 round figure there are not only three previous peaks, but also exact 50% Fibonacci retracement on a weekly chart. A sharp decline bumping into Bollinger bands was a great signal for precise exit of the short trade, but doesn’t suggest that it is time to buy. We are very keen to ride the wave up, but remember – it is a weekly chart we are talking about. So let’s sit tight, watch the battle around 90.00 and wait for weekly 5MA and 8MA come a bit closer together and start closing up. By that time oversold stochs should show some sign of cross-over as well and we will be ready to put an order to buy.

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