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AUD/JPY Possible Counter Trend Rejection in 76.20 Zone

Nenad Kerkez

76.10-20 zone looks a bit overbought and the price might drop. We already see a lower high and if the price stays below 76.60 we might see a drop towards 75.82 and 75.45. Have in mind that this is effectively a counter trend move (retracement) that presents a trading opportunity. If the price makes a retracement lower to M L3 -75.45, we might see another bounce.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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