Watching for Quick Retrace

FX:AUDJPY   Australian Dollar / Japanese Yen
As we discussed yesterday, price was looking to move lower and complete a 1,2,3 trend reversal pattern.

Price has now broken the recent support level and completed this pattern.

As the daily chart shows; price is now making a retracement back into the old support level and potential new price flip resistance.

If this level can hold as a new price flip resistance it could signal the next wave of short selling and an extended leg lower inline with the recent momentum.

Short trades could also be watched for at this level.


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