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Here's an update on the setup's I’m tracking into the start of the week. Find a detailed, in-depth review of all these setups and more yesterday’s Strategy Webinar.
AUDJPY 240min Chart
We highlighted this key support zone in AUDJPY last week at 85.45 and the rebound is now testing near-term downtrend resistance. The focus is on this slope for now. IF we breach, look for follow through surpassing 86.93 to confirm the reversal targeting 87.55/64. Near-term bullish invalidation now raised to 85.84.
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NZDJPY 240min Chart
We’ve been tracking this breakdown in NZDJPY since last week with the decline taking out targets into 79.36. A late-week rally off slope support has carried over with the advance taking price through channel resistance today. The pair failed to accelerate on a breach above this trendline and current price action still has me looking for exhaustion again. Near-term bearish invalidation now lowered to 81.12 with a break sub 79.77 needed to mark resumption of the medium-term downtrend targeting 79.36, 78.79 & the 78-handle.
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---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or
