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The AUDJPY formed a daily Hammer yesterday, rebounding off upchannel support (on the 4hr and daily chart). The bigger picture is of the AUDJPY bouncing off a slightly downsloping support line (on the weekly chart) and trying to reclaim the top of the range since March. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am flat after profitably closing a long yesterday, and am looking to re-enter long in the green zone (of the daily chart), targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).
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