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AUDJPY continues to be Supported and possibly Range Bound

AUDJPY remains Supported on D1

Month to Month highs and lows created a zone of strong support for price to spring board off on. Price will only be able to head down if this support zone is broken.

Months of highs and lows create strong Support for AUDJPY

Months of highs and lows create strong Support for AUDJPY

Following a Bullish expansion on the H4 charts and the recent WRMB in mid July 2014, price looks to be still pointing towards an upward move.

Previous Bullish Expansion and Recent WRMB points the way up

Previous Bullish Expansion and Recent WRMB points the way up

Look out for next resistances which price needs to clear for it to be able to head higher.

  • A previous week high (H4)
  • Previous month highs (D1)

Take note that if price is unable to break out of the resistance around 96.00 – 96.50, it might continue to remain range bound.

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