AUDJPY Trend-lines In Play

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