AUD/JPY Technical Analysis
- AUD/JPY goes up
- Fakeout pattern ™
- 93.49 is intraday target
- Possibly 94.34 final TP
MEGATREND MAs: Bearish
D1 Chart AUD/JPY
- Swing low
- Swing high
- Fakeout pattern
- Target
The AUD/JPY has shown 142 pips of the ATR for the last 14 days.It means that volatility is 2 times higher than before the crisis. There is a bit of correlation between the AUD/JPY and the US equities. However I can see that the AJ is going to bounce based on the fakeout retest pattern.
Fakeout retest pattern is characterized also by the confluence of camarilla pivot and the 2nd candle being the low in the form of a pinbar. AJ is going up. The first target is 93.49 and the swing target should be 94.34 if the continuation persists. However the first target will be hit I am pretty sure. If we see a daily close above today’s ATR high projection tomorrow is continuation towards the swing target. Entry zone is 92.80.
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system and a trading course. I am currently running 1 long position in the AUD/JPY as the intraday target is close. I might scale out and put the rest to BE+1. My Telegram group recently received 1 buy AUD/JPY signals as a part of the trading method. Watching the daily time frame for this setup.Intraday target is 93.49 while swing target is 94.34.
Cheers and safe trading,
Nenad
Summary of September trading results is HERE (click to see)
Cheers and safe trading,
Nenad
