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AlkalineFX
Sep 5, 2020 10:30 AM

AUDJPY - Bulls are Back Long

Australian Dollar/Japanese YenFXCM

Description

This pair broke out aggressively from the 75.500 zone on the daily time frame, we are now noticing signs of a pullback. The overall trend is still bullish so we should be looking for buys, As you can see from the chart, price is stepping down nicely, and respecting the structure marked, I have illustrated the potential buy setup I will be interested in once the pair breaks from the small descending trendline marked and begins a structure shift.

You may also notice wick rejections are starting to form around the 77 level, could this indicate that bulls are ready to enter the market?

According to COT data source - 63% short
Comments
WicktatorFX
Ooooh you gone to the dark side!
AlkalineFX
@Wicktator, hahahah! Switch up needed bro!
Masih_Rezvani
I think Price back till 75.5
AlkalineFX
@Masih_Rezvani, Potentially yes, Definitely an area to keep an eye on for sure, have a great week of trading.
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