Australian Dollar vs Japanese Yen W1 Live Forex Chart
AUDJPY,W1 Chart By jweejun
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jweejun
May 16, 2015 at 05:43
Weekly Analysis: Price is respecting the key demand area as well as the monthly upward trendline. Currently the price is reacting to the Weekly supply area, this is a valid supply area as it broke the previous demand level(2). Therefore this demand level is no longer valid, this upward force is caused by the Weekly Demand In Control(1). Price should react towards this level, but have a higher odds to penetrate this level and going further up. In summary, price is trap between the monthly supply area and the upward trendline caused by the weekly demand in control. We should now trade this level unless a clear breakout of this 2 key level occurs.
jweejun
May 16, 2015 at 05:33
Monthly Analysis:Monthly is trending upwards, reacting to key Supply Area and the upward trendline. The price has failed to create a higher-high on the potential flip-zone and has retested the monthly supply area the second time.
