AUDJPY 4hour Analysis May 23rd, 2021
AUDJPY Short idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: All timeframes above the 4hour have been bullish for a while. We can see price action just formed a 4hr lower high and is showing bearish conviction. Look to enter on more bearish setups and potentially a retest of recently broken support near 84.400. Target lower toward our next key support level near 83.250.
Trade scenario 2: For us to consider AJ bullish again we need to see a break and retest of our 84.700 level ideally. Look to enter long after we can confirm a higher low above this level.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bearish
Trade scenario 1: All timeframes above the 4hour have been bullish for a while. We can see price action just formed a 4hr lower high and is showing bearish conviction. Look to enter on more bearish setups and potentially a retest of recently broken support near 84.400. Target lower toward our next key support level near 83.250.
Trade scenario 2: For us to consider AJ bullish again we need to see a break and retest of our 84.700 level ideally. Look to enter long after we can confirm a higher low above this level.
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