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AUDJPY Breakout Structure Following Impulsive Price Action | Apr 22nd
AUDJPY – Breakout Structure Following Impulsive Price Action
Posting an impressive 10 day bull run in late March this year, the AUDJPY has been relatively tame, forming a corrective structure following the impulsive price action. Typically this intimates another impulsive move in the direction of the original move (upward).
There is also a breakout structure forming to support this view via the chart below. I’ll look to get long on a breakout above 96.15, or a corrective pullback to the dynamic support and daily 20 EMA (~95.25). Upside targets will be 96.95, and for a larger move higher towards 99.30, which is April 2013 range lows.
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