AUD/JPY Possible Bounce Off the Monthly Support
The AUD/JPY has reached the final M L5 camarilla level so we might see a bounce in the form of a counter trend move–>
Trade War between the US and China could also result in a lot of positive trade to Australia, as China may stop purchasing US agricultural products and energy from the US. Who is gonna fulfil that surplus? AUS and NZ. If that happens the Australian Dollar should benefit.
At this point technically speaking the AUD/JPY is at the M L5 camarilla looking for a bounce. 76.00-15 is the zone. The first target is 76.48. A close above and we should see 77.42. Of course, the AUD/JPY is a medium speed moving pair -ATR(5) is 72 pips so it might take some time to get there. Watch for a continuation of bearish trend only below 75.65.
The analysis has been done with the
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX