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What all these consolidations mean? Frustration? Nope

We had some period of consolidation. Though I really hated trading in a consolidation, I have to admit that price always move nicely after consolidation.

I’ve been watching AUDJPY for a long time. Though general trend is down, I have to say that Australia employment is stunning. I’ve been keeping that in mind and watching most AUD pairs.

 

Big Picture Analysis

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AUDJPY behave in an ED.

 

Lower timeframe analysis

Price retraced back to the ED high that it broke. In lower timeframe, it made another 1234 pattern. Important check is to determine whether pt 4 at strong support. See chart for explanation.

LTF 1234 pattern

LTF 1234 pattern

 

Is there a trigger?

I’ve marked in F6, but DO NOTE that there’s an immediate resistance from Nov 4 high around 87.60. It is important to overcome this resistance. Thus would really guess should play safe and wait for a firm close above Nov 4 high. Short term support around opening high and pt 2 around 87.30-40.

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Opening price as an indication

Update on 20 Nov 6.52 pm If you did not have AUDJPY trade, need to ask yourself why?  

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