AUDJPY Setting Up Massive Head & Shoulders
AUDJPY - Zoom out and take a look at the big picture....
Massive head and shoulders pattern forming since 2010. Perfect symmetry with both shoulders at the exact same price. Blue curved line displays evidence of a sliding top (almost parabolic move) since 2018.
AUDJPY weakness is highly associated with risk-off sentiment. Market risks are looming behind every corner.
One last thing.... Retail sentiment is extremely bullish. Long / Short ratio --> 4.76 to one.
Two market certainties....
1) The majority (especially retail) is always on the wrong side of the trade.
2) Banks love causing retail carnage.
Similar, but not as extreme sentiment in base currencies vs. USD
USDJPY --> 3.26
AUDUSD --> 3.33
More pain for AUD longs / JPY shorts on the horizon imo.....
twitter.com/FXCM_MarketData/status/1179996111425212418?s=09
Massive head and shoulders pattern forming since 2010. Perfect symmetry with both shoulders at the exact same price. Blue curved line displays evidence of a sliding top (almost parabolic move) since 2018.
AUDJPY weakness is highly associated with risk-off sentiment. Market risks are looming behind every corner.
One last thing.... Retail sentiment is extremely bullish. Long / Short ratio --> 4.76 to one.
Two market certainties....
1) The majority (especially retail) is always on the wrong side of the trade.
2) Banks love causing retail carnage.
Similar, but not as extreme sentiment in base currencies vs. USD
USDJPY --> 3.26
AUDUSD --> 3.33
More pain for AUD longs / JPY shorts on the horizon imo.....
twitter.com/FXCM_MarketData/status/1179996111425212418?s=09
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