Audjpy weekly forex analysis with trading strategy for 02-05-22Audjpy weekly forex analysis with trading strategy for 02-05-22
In the recent times, i have been trading more of aussie pairs. from 2 weeks ago, a 100+ pips sell on audusd shared here video
analysis on YT. Last week, audusd and audcad sell analysis which is still doing massively fine. For this coming week, My selected pair from my watchlist is the audjpy for a SHORT.
Fundamentally, in the past week, interest rates from the Bank of Japan (BoJ) was unchanged, on tuesday the 3rd of may, the Reserve bank of Australia will announce interests rate which may affect the Aud as the interest rates is forecasted to be increased. Nonetheless, if the interest rate from the RBA is increased to my forecasted rate of 0.25%, i would still consider a short trade.
Technically, explained in the video analysis, Audjpy was initially in an uptrend printing higher highs and higher lows then followed by a massive rally to the upside signaling the presence of massive institutional 'Buys' pushing audjpy to an overbought level. After the move and watching closely, audjpy, started changing direction on the 4hr timeframe breaking structure to the downside and created unfilled supply zones as shown in the screenshot above. this was after price failed to break a major supply zone above.
Audjpy further printed a SHOOTING STAR candlestick pattern on the weekly chart followed by a bearish week.
After all these, I am considering a high probability sell scenario for the audjpy with an entry strategy shared in the video analysis of this content.
Let's go take some risks, let's go make some money. regards.
Preshus, Millionaire logistics
