A 4 hour pin bar just formed on the AUDJPY at support. The pair has been trending up since May 5th and based on this bullish pin bar, looks to be ready to retest recent highs at the 96.2 level. We’ll have to see how things play out from here.
It’s important to keep in mind that being a Yen cross, the AUDJPY tends to be more choppy and volatile than most of the major currency pairs.
UPDATE: The market obviously had other plans. Although it certainly didn’t contradict my statement about it being a choppy and volatile pair.
