MarlyForex
Long

AUDJPY - LONG SETUP FOR WEEK AHEAD

FX:AUDJPY   Australian Dollar/Japanese Yen
107 0 6
- 2 INVERTED HAMMERS ON W SUPP

- CURRENT SUPP IS AT HISTORICAL RES

- DOUBLE BOTTOM OVER A 3 MONTH PERIOD

- M CANDLE SPINNING TOP
- W CANDLE 2 INVERTED HAMMERS
- D CANDLES 2 HAMMERS & PINBAR

- M EMAS ABOVE PRICE
- W EMAS FACING SOUTH 50 MAGNETIC RES
- D 200 STRONG MAGNETIC RES
50 BETWEEN THE HIGHS

- FIB FROM PREVIOUS HIGH BEFORE RANGING LAST
DECEMBER POTENTIAL TARGET ALSO CHANNEL
BOUNCE!

- FIB FROM PREVIOUS M RES // TRIPLE TOP ,0.50
RETRACEMENT JUST ABOVE M RES 81.900

- W FIB FROM PREV TOP 80.500 0.50 ON ASCENDING
TL & SYM             TRIANGLE

BREAK BELOW 78.6 POSSIBLE SHORTS ,W/BREAK
RETURN OF ASC TL & SYM             TRIANGLE LONG STOPS
BELOW M SUPP

TP SYM             TRIANGLE UPPER TL, M RES THEN CHANNEL
BOUNCE

My bias is long buying the long term retracement also where price is currently at is historical Support // Resistance.

I AM EXPECTING A POSSIBLE GAP DOWN OF PROBABLY BETWEEN 20 - 40 PIPS AS WE HAVE SEEN THIS HPPEN IN THE 3 PAST OPENS!

IF WE GET THIS PRICE WILL THEN BE AROUND THE 61.8,78.6 FIB LEVEL DRAWN FROM W RESISTANCE 80.500.

WE WOULD THEN TAKE INTO CONSIDERATION W & M SUPPORT 40 - 60 PIPS BELOW. WITH BULLISH CONFIRMATION WE WOULD GO LONG

STOPS BELOW M SUPP 78.200

TP 80.000 ..



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