Safe Haven Currencies are likely to get bigger demand. ( Additional to the current fundamental environment, D.Trump's case is adding weight on risk appetite )
Here, I take AUDJPY pair as a sample case since AUD is the commodity-based currency.
Our last short call was the breakout of 76.10.
After 200 pips drop, the pair tested the broken structure and rejected.
On the H1 chart, we see a bearish flag pattern and SHS pattern as described on the chart.
74.90 is the neckline of the SHS pattern and if the pattern becomes validated, we have added the structural targets of the patterns.
On the upside, we see a Bearish White Swan Pattern formation which can be used as a selling opportunity, if the price fails to break down the SHS neckline and goes up.
On the Daily Chart, Cycle Sniper Indicator is breaking down the 0 line and confirming bearish continuation medium term.