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AUDJPY 4hour Analysis October 25th, 2020

Long
FX:AUDJPY   Australian Dollar / Japanese Yen
AUDJPY Long idea

Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
1Hour Trend: Bullish

Trade scenario 1: Price action continues with the weekly & 1hour bullish trend. This could be the first break of structure before the next bullish leg. To play it conservatively we are going to wait for a break and retest 75.000. Look to enter long on strong bullish setups and target toward our next major resistance level around 76.000

Trade scenario 2: Bearish momentum steps in and confirms this structure as a large double top pattern. Look to enter short on a lower high below 74.500 and target lower toward our weekly level.

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