The AUD/JPY has spiked on strong AUD and weaker JPY. Intraday showed bullish pressure but since it’s Friday today we might see profit taking on Yen pairs as investors don’t want to carry the risk over to weekend. Currently we can see a fully developed ABCD pattern that has already been playing out. POC zone 86.20-35 (ABCD, ATR top, H4) could reject the price on another retracement towards the zone. If we don’t see a retracement than pay attention to 1h momentum below or 1h close below 85.70 that will be a sign for further weakness towards 85.50 and 85.20.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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