AUD/JPY Stepping Down Between Support/Resistance Levels

May 15, 2017

After AUD/JPY resistance held back in February, we’ve seen a pullback in the pair worth another look.

The following excerpt is taken from from the previous AUD/JPY feature which I’ve linked to in the previous paragraph:

Here is the zone once again. It doesn’t really get much clearer that this:

AUD/JPY Daily:
160227_audjpy_daily2
Click on chart to see a larger view.

As you can see quite clearly, higher time frame resistance held and price subsequently dropped.

Keep that one in mind and now compare that above chart to the following updated daily chart, showing where we’re at now:

AUD/JPY Daily:
160515_audjpy_daily
Click on chart to see a larger view.

This is where you can see that price has now pulled back to retest previous short term support, this time as resistance. An opportunity to look for a continuation if you’re still in, and a chance to get short if you missed the first entry.

Zooming into the hourly chart, you can see a further intraday pullback into previous support turned resistance:

AUD/JPY Hourly:
160515_audjpy_hourly
Click on chart to see a larger view.

Depending on how aggressive you are a trader, there are a few levels here that you could use to manage your risk and position sizing around.

How are you looking to trade the Aussie?

Safe trading. Remember it’s only Monday!

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by forex broker, Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Social

Free Daily Market Update

Live Spreads

SymbolBidAskSpread

Spread

Sign up to the latest forex news and daily FX trading setups

Get started with a FREE $50,000 demo account