Weekly Forex Anaysis AUDJPY and GBPJPY
This week we are going to be looking at two JPY pairs markets, AUDJPY and GBPJPY
Price is in an uptrend and has been the highs of last March. Overall we are seeing it in an uptrend and this looks like the current price action could be a nice pullback in the overall uptrend move. So right now I’m looking for the bottom of that pullback. I’m Looking for price to bounce on the daily demand zone from 86.20 down to 85.47. Price needs to tell me that it’s bottom out here before I can buy it in the direction of the trend.
On $GPBJPY this week,
I think this market is in a range. Looking for price to continue down and bounce on the daily demand zone from 140.38 down to 138.79 and possible buy area as it tests the extreme of the range. Overall, this market has failed to break the last years high at 148.50 and so now I feel that price is ranging around at the highs. If price breaks the low of the zone at 138.79 then this could be the start of a new downtrend.
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