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jsaettele
Oct 13, 2020 9:28 PM

AUDJPY Big Downside Potential Short

Australian Dollar/Japanese YenFXCM

Description

Look at that 200 period average on the 4 hour chart in AUDJPY…impressive! Focus is lower as a result. 75.70s is proposed resistance now (see scandex.com/2020/10/market-update-october-13/). Eventual downside is significant as per the failed breakout on a longer term basis (see scandex.com/2020/10/market-update-october-13/). Downside swing levels to target are 72.00/50 (4th wave support in June and 2 equal legs down) and low 69.00s (50% retrace of rally from March and 161.8% extension).
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