AUD/JPY Coils at Breakout PointAustralian Dollar / Japanese YenFOREXCOM:AUDJPYFOREXcomAUD/JPY sits at an interesting juncture on the daily chart, continuing to coil within an ascending triangle structure after printing a bearish engulfing candle on Wednesday that saw the price retest and bounce from uptrend support on Thursday. Given the prevailing trend, and despite the bearish price signal earlier this week, buying dips remains preferred to selling into strength. Another pullback towards the uptrend would make for a decent entry level for longs, allowing trades to be set with a tight stop beneath for protection targeting 114.70. Should that target be achieved, traders would then have the option to hold, cut or reverse, depending on the price action at the time. Given the structure, a bullish breakout could provide the catalyst for a multi-big-figure move higher. The oscillators are delivering a more neutral message than anything right now, consistent with the price action seen over the past month. Price action therefore takes precedence. There will be plenty for traders to mull over on Friday with the release of key wages data in Japan, a speech from deputy RBA Governor Andrew Hauser, along with the all-important US non-farm payrolls report later in the session, the latter an event likely to lift realised volatility across multiple asset classes. Good luck! DS