AUDJPY 4hour Analysis January 1st, 2023
AUDJPY Bearish idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are looking quite bearish on AJ but we are in the process of confirming a retest. Recently, price action rejected 91.000 resistance and started forming a lower high.
These are all great signs that price action will continue bearish but we are not convinced just yet. Ideally the best situation for us to enter would be on a break and retest below 89.250, which would also be the next lower high.
Trade scenario 2: If we fail to break below 89.250 it’s likely price action will make another attempt at 91.000 resistance.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are looking quite bearish on AJ but we are in the process of confirming a retest. Recently, price action rejected 91.000 resistance and started forming a lower high.
These are all great signs that price action will continue bearish but we are not convinced just yet. Ideally the best situation for us to enter would be on a break and retest below 89.250, which would also be the next lower high.
Trade scenario 2: If we fail to break below 89.250 it’s likely price action will make another attempt at 91.000 resistance.
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