AUDJPY long investigation on the Monthly

Regarding the present, we note if there is any upcoming news this week regarding the pair. None is expected. We are aware of the upcoming NFP news this week but today is Wednesday, nothing abnormal is expected during the late EU and the ongoing US session today.

We annotate the chart to understand what the current price level represents. Annotate areas of accumulation and the areas that we think are extensions of accumulation. Always remember that price tends to retrace to areas of accumulation before reaching new price levels.

Pins/wicks are also noted as signs of turnaround, areas of pull-backs. We have multiple pins indicating that price is still in a triangle, accumulating for a move.

Technically, measured moves indicate that we are either at or close to peak high. But that is on the Monthly and it could take months before a decisive move takes place, either up or down. If we were at peak high, then irregular price movements could be expected. If were not, then the last 5 closed candles would tell me that the way is still up.

We do not make a commitment yet as other TFs must be checked out.