AudJpy is providing a peach of a setup! The longer term downward channel is still in play from mid 2014. We have already seen an 800 pip decline recently from price highs where 86 saw major bears arrive. Friday's close below 79.50 confirms our negative bias with major support being broken.

Stochastics continue to show negative momentum with room to run. I expect a modest pullback here and any strength should be faded and held for a run into channel support and the +- 72 area.

Daily candlestick projection:

Weekly longer term trend observation:

Translate to English Show original