After finally finding a near term top over the last couple weeks as we probed levels we have not seen since 2011/2012, gold looks like it produced the pullback that most people were waiting for.
The AUDJPY has rallied back to key resistance which is the previous support from the June lows and also the 61.8% Fibonacci retracement at the 73.83.
The GBPJPY is working a double bottom formation as the pair held the dip to 126.60.
The USDJPY pushed stops below the 106.00 level but managed to close the session back above the 106.00 key support.
A setup is simply “a setup.” For now, the AUDJPY trend is down, but the reversal pattern is developing in the AUDJPY.
The AUDUSD has been under pressure the last week after reversing from the 2018-19 trend line (blue) but is coming to a confluence of support.
The BOC decision Wednesday may have a little more impact for the CADJPY considering the major confluence of resistance we hit today.
The USDJPY broke down under pressure with yields falling and gold rallying, the natural path of least resistance for the pair was lower.
The EURJPY tested major resistance ahead of the ECB meeting. When a pair hits a level so many times, we often refer to that level the “bull/bear” line.
The GBPJPY is moving lower within a descending wedge as we surpass the 127% extension of the Feb lows to March highs.