AUDJPY Long idea
This pair has been very bullish on the 4hour timeframe and recently broke key resistance around 75.000. Price action then shot up to our monthly zone around 76.500 and back down to 75.000 for a retest.
From the current level we have two ways this could play out:
1.Price action finds support at 75.000 and continues with the overall bullish trend. Look to enter long on strong bullish setups confirming the higher low above key support. Target back toward our monthly resistance. (The blue trade path)
2.Bearish momentum continues and pushes price action back below 75.000. Look for short opportunities after a lower high is confirmed below resistance. (The orange trade path)
This pair has been very bullish on the 4hour timeframe and recently broke key resistance around 75.000. Price action then shot up to our monthly zone around 76.500 and back down to 75.000 for a retest.
From the current level we have two ways this could play out:
1.Price action finds support at 75.000 and continues with the overall bullish trend. Look to enter long on strong bullish setups confirming the higher low above key support. Target back toward our monthly resistance. (The blue trade path)
2.Bearish momentum continues and pushes price action back below 75.000. Look for short opportunities after a lower high is confirmed below resistance. (The orange trade path)