USDJPY and AUDJPY weekly forecast
This week we will be concentrating on two Japanese Yen crosses, the AUDJPY and USDJPY.
Price is about to come into a big daily demand zone at 111.04 down to 109.54. As it does, we will want to analyze what support zones price will likely interact with down in that zone. Also be mindful that this is still just a big pullback in the scope of an uptrend. Price has been in this general area from 115 down to 106 for the majority of this past year so we really aren’t seeing anything new here. But price action tells us the new story of an uptrend developing yet we still see price in the middle of the range.
I’m seeing that price is in a newly formed downtrend and I’m looking for price to pop back up into daily supply before pushing back down into the current lows at 84.50. The supply zone that I’m watching is at 85.46 up to 86.02. This week, I’m looking for price to push back into that supply and start to come back down again. As this is a forex market and we have a US holiday. I could see this taking a week maybe two.
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