AUDJPY: Longs then Shorts!
4hr Time Frame: Reading our price chart above we can see that AUDJPY is forming a head and shoulders formation as it is now testing the neckline at 75.750 key quarterly psychological support with a double bottom formation. Looking to the past we can see that this zone has been respected multiple times.
If price manages to hold above, then look to buy this back to 76.250 key quarterly psychological resistance. Once price gets to the right shoulder also 61.8 fib zone, look for shorts down to 75.750 and 75.000. However, if price violates 75.750 look for shorts down to 75.000 key support. Due to the uncertainty of market fluidity, risk management is highly recommended.
If price manages to hold above, then look to buy this back to 76.250 key quarterly psychological resistance. Once price gets to the right shoulder also 61.8 fib zone, look for shorts down to 75.750 and 75.000. However, if price violates 75.750 look for shorts down to 75.000 key support. Due to the uncertainty of market fluidity, risk management is highly recommended.
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