AUDJPY Bearish idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Looking overall bearish on this pair as well but structure is not yet that clear.
We know we’re looking for short positions after we can confirm a lower high and that can happen at two major places on this chart.
At the current level we could see a reversal with some good short entry opportunities or we could see price action retrace some more.
We could see a deeper reversal happen around our 82.200 resistance level before price action continues with the bearish sentiment. Keep this in mind and watch for the right confirmations at either levels.
Trade scenario 2: For us to consider AJ bullish we would ideally need to see a break above resistance around 82.200 with a confirmed higher low.
If this happens we’ll look to target toward higher resistance levels.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Looking overall bearish on this pair as well but structure is not yet that clear.
We know we’re looking for short positions after we can confirm a lower high and that can happen at two major places on this chart.
At the current level we could see a reversal with some good short entry opportunities or we could see price action retrace some more.
We could see a deeper reversal happen around our 82.200 resistance level before price action continues with the bearish sentiment. Keep this in mind and watch for the right confirmations at either levels.
Trade scenario 2: For us to consider AJ bullish we would ideally need to see a break above resistance around 82.200 with a confirmed higher low.
If this happens we’ll look to target toward higher resistance levels.