Talking Points:
- Bears remain in control, for now
- Well defined trend-lines present a clean picture
- Patiently waiting for technical triggers
In the past 24 hours of trading, AUDJPY bumped its head on a trend-line dating back to November. Until the trend-line is broken to the upside, the bears should be given the benefit of the doubt. Over the course of the past few days a rising trend-line has emerged, acting as near term support. What I will be watching for either a break of the small rising trend-line for the opportunity to join the larger down-trend in place, or for a clean break of the large down-trend line, shifting focus to potential long opportunities.
AUDJPY 4-hr: Nov ’14 – Jan ‘15
---Written by Paul Robinson
To contact Paul, email him at instructor@dailyfx.com
