ChaosTrader63
Short

AUD vs JPY Approaching Kijun Resistance

FX:AUDJPY   Australian Dollar/Japanese Yen
Looking at the AUD vs JPY daily time frame below you can see what the structure of the market is. Price is breaking bear fractals so the market is bearish not to mention that we are below the Kumo and the 150 EMA. Currently price appears to be in pullback mode so I have drawn in 2 zones where we should be looking for price to find resistance and reverse back with market structure. The zones are not exact levels but rather areas where our interest for a trade should be building. First zone is a bunch of confluence with the daily Kijun, the previous daily bear fractal resistance at the wick at 92.664 and finally the previous week high at 92.42
We should be looking for a price action entry short at this zone. If price violates this zone then look for the next push up into zone 2 which is the base of the Kumo along with the 150 EMA which is a dynamic resistance level and is an ever changing resistance level that changes with the price action. If price violates the bottom of the Kumo then it would still have the Kumo top to contend with but at that time I will re-evaluate my stance. Start evaluating each candle by candle and start to understand what is happening at these zones if anything and begin to learn what the bias is of the immediate market by evaluating each candle. This will help you when the price action entry is not as defined by a long wick or doji. You can visit me at www.fxatoneglance.com Have a great week of trading and God bless!
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