AUDJPY reached new highs

AUD/JPY is recently one of the most dynamically moving pairs. The price is growing really fast since the beginning of June, almost without any major corrections. Some declines happened only last Friday. As you can see, price after withdrawal to support set by previous high, very quickly began to grow. It was a classic re-test of the previously defeated level. Currently pair is heading to new trend highs, what can be read as a sign of its continuation.

On weekly chart we can notice rejection of bearish pin bar from last week. If there are no falls in the last two sessions of this week, we will receive a buy signal resulting from rejection of bearish weekly pin bar. It seems that most realistic scenario is a wave of growth reaching at least 90.70 or the November 2015 high. It is possible that we will have another week of growth, followed by few days of correction.