AUDJPY and USDJPY weekly forecast Video for the week of Nov. 13th.
This week we are going to be looking at two JPY pairs markets this week. I like the JPY a lot because it moves, and for daytraders we like movement. We will be looking at swing trade possibilities for AUDJPY and USDJPY
we see price has been in an uptrend. However, price has been in a good sized pullback since September. For this week, I’m looking at the potential of price to move all the way back down to demand at 85.45 upto 86.04. I would caution about the newly formed downtrend line streaking down from Sept. 21 down to Oct. 24 high. This new trendline could act as some really good resistance if the low at 85.45 gets broken and a new downtrend forms from here.
This market has been in a downtrend. However since about Sept 21st. We see this market moving up dramatically. So now we see price at a tipping point of moving possibly pushing into a new uptrend. However, right now it’s still technically down. So we are going to be looking at bulls and bear fighting it out as price is at this decision point. We have long term weak supply at 114.66 up to 115.62 and brand new demand at 113.62 down to 112.95. So we need to see if supply will hold price. I believe it won’t.
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