AUDJPY POTENTIAL SHORT @ ~94.160
AUDJPY has been in a downtrend for months due to a weakening Oz economy (in recession).
The Aussie has strengthened this year climbing to the 0.50 retracement of the last downswing.
The current upswing has taken out intermediate supply on its way up and is now getting to the 0.618 level which coincides with an intermediate supply zone @ ~94.160.
the rally into the area has slowed somewhat suggesting the buying pressure is fading.
If this zone is full of sellers and the imbalance is as great as price suggests, prices should fall through and all the way back to demand @ ~89.930.
The Aussie has strengthened this year climbing to the 0.50 retracement of the last downswing.
The current upswing has taken out intermediate supply on its way up and is now getting to the 0.618 level which coincides with an intermediate supply zone @ ~94.160.
the rally into the area has slowed somewhat suggesting the buying pressure is fading.
If this zone is full of sellers and the imbalance is as great as price suggests, prices should fall through and all the way back to demand @ ~89.930.