Hourly chart of Australian dollar to Japanese yen cross shows clear upward trend, which was activated long time ago (it is worth to look on higher timeframes, especially D1). During last couple of session we can see a consolidation on H1 candlesticks.
It may be a short stop before further gains or preparation for deeper correction. Playing in accordance to current trend, we should seek gains near the local support zone. In the other scenario – ending of long-term upward movement – we can use this very same level to going short after it breakout.
Option expires today at 23:00GMT so we have lots of time to observe the AUD/JPY H1 currency chart and decide in which direction should we position ourselves.
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