FXtrades-gp

AUDJPY (Daily) SHORT IDEA: Consolidation on the MAIN RESISTANCE

FX:AUDJPY   Australian Dollar / Japanese Yen
POTENZIAL PROFIT: UP TO 350 PIPS

TECHNICAL ANALYSIS:
-Since the end of March 2020, the market started a strong uptrend, breaking the main support zone with strong momentum but rejected from a secondary S/R level zone at about 76.949.
The price got a small correction, bounced on the main support zone and continued the previous uptrend, reaching the main resistance level . (The constant increasing of the volatility and momentum were a clear sing of the market's strenght).

-On the 1st of September the price reached an important strong resistance level at about 78.478, inverting the trend; (The harami bearish candlestick pattern confirmed the inversion).
The market started then a strong downtrend until it reached again the main support level that rejected the price one more time.

-The price started a new uptrend while it was in a really high volatility period, reaching the main resistance level .

CONCLUSION:
The price actually reached the main resistance level , it just got a small consolidation phase. Even if the price seems to follow an uptrend, I believe that this strong weekly resistance could invert the trend (because it happened several time in the past).
The price action is showing few signs of weakness, a possible double top pattern could definitely invert the market.
Before to open any position I'll wait the price breaking the secondary S/R level .

If you enjoy my FREE Technical Analysis , let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!

Trade Safe,
Gianni

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out