AUDJPY did NOT waste anytime!

Good evening ladies and gentlemen

I hope you all had a wonderful and invigorating weekend which has continued into the start of your trading week.

Like my fellow blogger, Jedi Richard, I too am staying with the same currency this week as we were left last week in a very interesting position and that be the AUDJPY!

So a quick recap of last week. We ended play with price at a RN, a divergence on MACD and price sitting at an aggressive Fib Breather level on both the daily and the monthly. I said last week that we should maybe expect bigger moves this week after a couple of days of indecision and BOOM we didn't have to wait long with price dropping over 300 pips so far today!

So lets have a closer look at what exactly happened. Below is the 4 hour chart. We can see that price went crashing through trend line after doing a 123786 confluenced with a MACD divergence, the figure and a spinning top. The question as always now remains to be asked "What will happen next?" And the answer is of course "We don't know!" But what we can do is manage this trade while we are still in it and anticipate what could happen next from the information presented before us.

So we can see that the first obstacle in the way is a S level. Could price be doing a retest? At the moment price is fighting back! Could we see a bullish tramtracks and a retest of the figure? What are the other indicators saying? Stochastics is OS but the signal lines have yet to cross over and is it still giving a fake reading?! I will leave it to you look at the other indicators.



It looks like we are in for an interesting week so lets see what happens. I hope you got some of the spoils that were on offer today. Your patience was rewarded. As always do your own analysis!

Alright Rich! Hope you had a top weekend mate. Mine was really chilled although went to a couple of parties on Saturday and caught up with some ol' friends. How bout you geeza?

Till tomorrow

Abundance is your Birth Right

Zaheer Anwari