AUDJPY- 4h Technical Analysis- Breakout or Reversal?
AUDJPY has formed a Channel with a upper trend line resistance and a lower trend line support. These trendlines have been tested several times as indicated by the arrows and are still holding.
Now, price has reached a significant price level where we're waiting for confirmation. It might form a double top and reverse or it will break out of the Channel and continue to move up.
I've drawn minor S&R levels to indicate, how price is likely to behave in either cases.
Stay tuned!
Now, price has reached a significant price level where we're waiting for confirmation. It might form a double top and reverse or it will break out of the Channel and continue to move up.
I've drawn minor S&R levels to indicate, how price is likely to behave in either cases.
Stay tuned!
Comment:
Bullish breakout!