AUD/JPY awaits a volatility spike

AUD/JPY awaits a volatility spike

Trade ideas

BUY at 82.70; TP1 83.70; TP2 84.00; SL 82.50

SELL at 82.40; TP 81.90; SL 82.60

Note: monitor the news

AUD/JPY is testing levels above the 50-week MA at 82.79. Yet, only a weekly close above this point will signal that the pair went past this obstacle and is willing to proceed up to 83.80 and 84.35 (100-week MA).

AUDJPYWeekly.png

Divergence on D1 suggests that AUD/JPY needs to correct down. A doji-like candlestick signals the market’s uncertainty. The pair’s obviously getting ready for a big move. In the short term, it’s reasonable to expect the correction to 82.50. From that point, the pair will either get the new bullish interest or will slump. The Aussie will choose a move on the basis of the market risk sentiment.  

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Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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