Hello Traders,
As you can see from the chart, AUDJPY is on the way to completing the right shoulder. If the price does hold on the 50% fib tracement (strong support level), we could very likely see price going for the marked resistance level.
Within the right shoulder, there is also an inverse head and shoulders formed which adds to the probability of price heading to the upside. I will be watching for the price to retest the 50% level on the lower timeframe with a bullish / rejection candle before entering the trade.
Feel free to comment below on your thoughts or to exchange ideas!
Note - Any trades that you choose to take should be based on your own analysis and decision. The ideas shared here are for educational/informational purposes only and I am not responsible for the results of your trades taken. Do exercise risk management.
As you can see from the chart, AUDJPY is on the way to completing the right shoulder. If the price does hold on the 50% fib tracement (strong support level), we could very likely see price going for the marked resistance level.
Within the right shoulder, there is also an inverse head and shoulders formed which adds to the probability of price heading to the upside. I will be watching for the price to retest the 50% level on the lower timeframe with a bullish / rejection candle before entering the trade.
Feel free to comment below on your thoughts or to exchange ideas!
Note - Any trades that you choose to take should be based on your own analysis and decision. The ideas shared here are for educational/informational purposes only and I am not responsible for the results of your trades taken. Do exercise risk management.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.