AUDJPY: 2 Scenarios Explained 🇦🇺🇯🇵
Very peculiar situation on AUDJPY.
The market is trading within a falling parallel channel on a daily and approaching its resistance at the moment.
Depending on the reaction of the price to that, I see 2 potential scenarios.
Bullish
If the price breaks and closes above the resistance of the channel, it may initiate a bullish continuation.
Goals will be 93.7 / 94.5
Bearish
The market may also drop from the vertical resistance.
To short with a confirmation, watch a bearish flag pattern on a 4H.
Its bearish breakout will trigger a bearish continuation to 91.9 / 91.6
Wait for a breakout and follow the market then.
What do you expect?
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