Jaroslav Vaclavik
All posts from Jaroslav Vaclavik
Jaroslav Vaclavik in Jaroslav Vaclavik -SMB Capital,


Today I am looking into AUD/JPY cross . I like all about it and would like to share this trading idea with you . 

AUD on its own is one of the strongest among G10 currencies , but has been lagging recently  and have some room to play catch -up to its peers . 

JPY currency is on the other hand  the weak one on large time frame charts amongst all .  AUD/JPY has in my view high probability to follow NZD/JPY and GBP/JPY higher in coming days  .


The Big Picture is mixed and could be viewed many ways , but Intermediate Bullish Trend is in play and that's the information to focus on for now . 

Bearish swing 105.25 to 86.40 is projecting 98.00 retracement level . Possible price target  into next couple of days . Short term trend is making higher highs and lower lows and we sit on new support  previous resistance level  right now .


Lets look into recent price pattern .

We call this a "Trick Pattern " You can find out more about it here > http://www.smbtraining.com/overview/forex-training

It is also important to notice ,that within this price structure  in Value Area AUD/JPY is making inside bar formations  . There is only one more step to validate this trade , which is potentially above 1:6 on Risk/ Reward scale .


Will be watching US Employment Report today , if it will provide the catalyst needed to break higher from tight intraday ranges and lead AUD as a commodity currency into targeted zone from anticipated positive news .