Not much action in the price action today. Here’s one level I’m watching on AUDJPY as well as updates on EURCAD and NZDJPY.
As a quick side note, CADJPY is also holding firm at current levels. The pair is having a little trouble with the 95 area, but so far just some consolidation before the next attempt at a push higher. More details on the setup can be seen in last week’s analysis.
The 96 level for AUDJPY is one I’ve had my eye on for a while now. I highlighted the bearish outside bar June 11th, and the market has since made it back to retest resistance at 96.
Although today’s price action looks fairly bearish, the momentum in this market has been strong. Therefore I’ll stand aside for now and see if we can’t close above 96 in the coming days, which might give us a buy signal to go long.
Not much to report today, although the market was able to make up for a lot of lost ground before the close. I wouldn’t be surprised to see a retrace to the 1.467 area before a possible continuation to the 1.444 support level.
The price action on NZDJPY was looking promising for the bulls early this morning. However the market was unable to hold these levels in the afternoon and finished the day with a bearish pin bar.
Having said that, the pin bar occurred right between support (88.66) and resistance (89) so I’m viewing this more as consolidation than a potential sell signal. Considering the bullish momentum in this market I wouldn’t advise on selling at these levels.
I’m still using 88.66 as the support level that must hold on a daily basis if this rally is to continue.