Australian Dollar Japanese Yen.

Good afternoon Dynamic Traders,

Many thanks to my fellow bloggers for your very kind words and may I take this opportunity to express how much of an inspiration you each have been to me with your excellent updates from which I have learnt a great deal, and the first part of my routine when I arrived home in the evening was to read what each of you had written as over the months they extended my knowledge immensely, thank-you to each of you.

Tonights chart is of the AUDJPY, as on Friday last I did this cross on a smaller timeframe for quick profits to the downside which did produce a possible profit of over 100 pips, but now I would like to analyse it as a possible swing trade to the downside in the near future if confluences and your trading plan permit.

The daily chart below shows price action in a consolidation after the large move down which is producing the squeeze, and at present we have not quite tagged the trendline which does cluster around the higher fib. reversal area whilst just north of where we stand is a good fibonacci cluster area incorporating the lower reversal, after the move up from early February.
There is also divergence to a small degree short-term on RSI.

Confluences are building and we can only use them to our advantage, but ensure as always you do your own analysis before taking any trades, but as usual be patient also, as there are news items out on this pair early hours tomorrow morning.

Charts courtesy of TradeStation.

Good luck and enjoy your trading.

Clayton Farnworth.