AUDJPY (S) THOUGHTS ON FUTURE DIRECTION
Updated
Patiently been waiting to play AUDJPY short. At this moment the price action still does not fit any strategies that I trade. But here is how I'm reading the chart and what I'm expecting.
76.00 is a very major support/resistance level. (HTF screenshot attached bellow)
Daily price action seems to be forming a lower high, rejecting .618 fib and yesterday closed a nice bearish candle, with the previous day being the hightest rejecting .618
On the 4 hr we can see price is sitting inside an intraday zone. We could still see a pop a bit higher, to take out any stoplosses above 75.30. or we could see price drop from here, in which case I'll be keeping an eye out for a 4 hr lower low follwed by a lower high, with price rejecting current support as resistance. Updates will follow if an entry presents it self in the future.
From these levels we could see price fall down to weekly 50 ema area, around 72.50
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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76.00 is a very major support/resistance level. (HTF screenshot attached bellow)
Daily price action seems to be forming a lower high, rejecting .618 fib and yesterday closed a nice bearish candle, with the previous day being the hightest rejecting .618
On the 4 hr we can see price is sitting inside an intraday zone. We could still see a pop a bit higher, to take out any stoplosses above 75.30. or we could see price drop from here, in which case I'll be keeping an eye out for a 4 hr lower low follwed by a lower high, with price rejecting current support as resistance. Updates will follow if an entry presents it self in the future.
From these levels we could see price fall down to weekly 50 ema area, around 72.50
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
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