Get 40% Off
to Daily Price Action.
Ends August 31st!
Want more price action setups? Join our Exclusive Member’s Community
Yesterday’s price action gave us some really nice setups to watch for the rest of the week. I’m saving the best for last this time with an NZDUSD setup that could provide us with returns over the next couple years. Yes, years…
But first let’s run through an update on yesterday’s AUDJPY setup. As mentioned in yesterday’s commentary, we were looking for a break of the 4 hour trend line that had been forming since November 21 of 2014.
Shortly following the release of yesterday’s commentary, the market broke through trend line resistance, which had us looking higher.
Although the pair didn’t create much of a bullish price action signal upon retesting the broken trend line as new support, we did get a 4 hour bullish rejection bar yesterday showing rejection of the 96.90 area (chart below).
As for targets, there are several potential areas of resistance along the way to a much broader target up around 102.30.
AUDJPY monthly chart:
Get Instant Access to the Same "New York Close" Forex Charts Used by Justin Bennett!
Now for the other areas of potential resistance along the journey to 102.30. Below is a daily chart of AUDJPY which clearly shows where sellers might take an interest.
Summary: Opportunity to trade today’s 4 hour bullish rejection bar from the 96.90 area. Potential targets are listed above. Do expect volatile price action over the next 24 hours due to monetary policy announcements from the BOJ.