JPYAUD, Trading In Descending Channel, Important Levels!

Hello Traders Investors And Community,

we are looking at JPYAUD 4-hour timeframe perspective, the recent events, the current formational structure, what to expect the next times and how to enter possible upcoming confirmations showing up in the structure, in this case, I detected the important levels and likely outcomes we can expect with JPYAUD here to anticipate the further outcomes and destiny.

Looking at my chart, you can watch there the huge descending-channel-formation JPYAUD is trading in marked with the blue upper and lower boundary, which were already touched several times. Furthermore, there is this wave-count building in the channel currently forming the minor wave d of the major wave E as it is marked in my chart, this wave-count will end when both the minor and major wave E come to an end in the back-up-cluster marked in blue in my chart which is crucial for the further continuation, in this case, it is important that JPYAUD bounces in this level as it is marked, when this does not happen bearish pressure can increase when falling below the support, when the prcie manages to bounce in this support cluster the descending-channel-formation can be confirmed with a decisive move above the upper boundary which will confirm further bullish movements and can be traded with proper entry after pull-back.

As the wave-count is coming to an end and such descending-channel-formation normally confirms to the upside sooner or later the bullish continuation above the upper boundary has a solid possibility to come up with, the only thing which can invalidate this scenario is bearish volatility increase below the lower boundary however as the wave-count is ending this scenario is more unlikely than the bullish one.

In this manner, thank you for watching, support for more market insight, good day to you and all the best!
"Trading effectively is about assessing possibilities, not certainties."

Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: JPYAUD continued with the completion of the wave-count within the descending channel to emerge with a strong demand rally completing the formation with a final breakout and reaching the target zones.