AUD/JPY At Support

AUD/JPY daily chart is currently at a very key point. Price has retraced back down to the ascending trendline and is showing indecision. Price from here is either going to show a break or a rejection. If we see a break then we would want to see a continuation with a break and retest for a short position.

However should we see a rejection, then we would be looking for bullish price action following Friday's Doji close. The monthly candle of September has closed showing slight selling pressure, but price is above all three monthly EMA's.

We are watching price on the daily timeframe to see if price shows a break or rejection. This week is packed with fundamentals on both sides so it would be interesting to observe how the pair react to every event.

Chart: AUD/JPY D1