We had a few yens on the watch list last week and there were some big moves across them. A number of them are still in play so we’ll at those below:
AUDJPY – Long/Short
AJ left a daily and weekly demand level and after engulfed the nearest supply has gone on to rally higher. We’ve got supply much higher so there could be some more long entries before we get to supply.
CADJPY – Long/Short
CJ has rallied strong from the demand level we’ve been watching and it’s gone straight to supply with mainly green candles going into the level. Price has also come from weekly demand so we could see a move higher. I’m watching for either an engulf or a reversal.
GBPJPY – Long
Last week I mentioned waiting for an engulf before considering longs and that’s exactly what we saw last Friday. With the supply engulfed, we might expect a continued rally which could run for a number of pips.
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