AUDJPY Top-Down Analysis
Hello Traders,
Here is the Top-Down Analysis of AUDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 49 - Dec 01
M > Market is moving in a downward channel. Price is testing resistance of channel.
W > We can see long term bearish target of neck of W formation. Price has been testing weekly supply zone since last week.
D > Price is stuck in a triangle and a break to the downside can be expected as we can see bearish divergence.
As per COT AUD saw addition of both Long and Short, improving net positions (now in -ve). We have seen closure of Long and addition of Short in last couple of months, making net positions move from 16K to -05K. AXY ended in a Doji during the said period but strengthened to test monthly resistance again last week, we can expect AXY to weaken this week. JPY saw addition of major Long and some Short positions improving net positions massively in comparison with last report. JXY received a pump up during the said period but but weakened a bit last week.
4H > Price is consolidating at current level for a week and unable to even hit supply zone hence we can expect a break to the downside.
Pair Correlation > AUDJPY has positive correlation with AUDCHF and AUDUSD and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of AUDJPY (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 49 - Dec 01
M > Market is moving in a downward channel. Price is testing resistance of channel.
W > We can see long term bearish target of neck of W formation. Price has been testing weekly supply zone since last week.
D > Price is stuck in a triangle and a break to the downside can be expected as we can see bearish divergence.
As per COT AUD saw addition of both Long and Short, improving net positions (now in -ve). We have seen closure of Long and addition of Short in last couple of months, making net positions move from 16K to -05K. AXY ended in a Doji during the said period but strengthened to test monthly resistance again last week, we can expect AXY to weaken this week. JPY saw addition of major Long and some Short positions improving net positions massively in comparison with last report. JXY received a pump up during the said period but but weakened a bit last week.
4H > Price is consolidating at current level for a week and unable to even hit supply zone hence we can expect a break to the downside.
Pair Correlation > AUDJPY has positive correlation with AUDCHF and AUDUSD and negative correlation with EURAUD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
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