My Current Active Open Trades: AUDUSD, NZDJPY, EURJPY, EURGBP, EURNOK, EURPLN, USDMXN, XAUTHB, AX_UN, ANZ, BMO, CUF_UN, RY
AUDJPY – MT Corrective Structure Above Key S/R Zone (4hr chart)
After the 550+ pip sell off that started back in March, price has stabilized within a MT, 300+ pip corrective structure between 84.50 and 81.50/82.00.
For now, with the strong rejections we see on both sides, this structure is what we should be looking to trade until it breaks, meaning selling towards the structure highs and buying towards the structure lows.
81.50-82.00 is a Major S/R zone which price multiple times has reacted heavily too since end of 2015. Only a daily close above 84.50 or below 81.50 would negate this …... Keep reading