Let's take a look at the AUDJPY 4-hour timeframe chart and explore the potential buying opportunity in this pair.
Price yesterday successfully broke above the short-term bearish channel, aligning with the higher timeframe market structure, which adds to the possibility of the price intending to move higher.
Currently, the price is situated at today's Pivot area, which has been providing support since this morning. Additionally, we are above the 1-hour, 30-minute, and 15-minute EMAs (Exponential Moving Averages) of 200, all of which together offer crucial support for the price.
Moreover, this recent bearish move can be interpreted as a pullback to the broken channel line.
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Price yesterday successfully broke above the short-term bearish channel, aligning with the higher timeframe market structure, which adds to the possibility of the price intending to move higher.
Currently, the price is situated at today's Pivot area, which has been providing support since this morning. Additionally, we are above the 1-hour, 30-minute, and 15-minute EMAs (Exponential Moving Averages) of 200, all of which together offer crucial support for the price.
Moreover, this recent bearish move can be interpreted as a pullback to the broken channel line.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Trade closed: target reached:
The price experienced a sharp movement toward our take-profit area after a news release.
