With a clean double top on the daily and a new lower high just formed, we can now expect a sell to at least 50% of the mini bullrun that started on this pair since around the 18 of March 2020. We have a bearish divergence on the MACD from an indicator perspective and a supporting trendline currently holding price, a break and retest of the trendline would initiate...
Again, because JPY oscillation from COVID up to the opening bell seems minor. This indicates a much strong USD selling pressure than JPY buying pressure and may change as we near the end of USD devaluation in a few weeks/months from now. My latest estimate is the end of this year but I would not be surprised if it stretches into next year and perhaps takes along...
AUDJPY bounced off 75.257 where it could potentially rise further to 76.068.
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Looking for short-term entry on AUDJPY. Retracement probable, with ~even risk:reward. For improved entry, wait for consolidation/chop between 75.3 and 76.3.
Risk-off sensitive. Manage exposure accordingly.
AUDJPY Long idea
All significant timeframes are very bullish and we are looking to continue with this trend.
Recently price action broke out of consolidation around the 75.00 area and is now retesting the broken zone as support.
We are looking for a higher low and lower timeframe confirmation to support the idea of a bullish push. (The blue trade path)
AUDJPY formed a consolidation around the confluence of support and rising trendline. The icing on the cake is that it has broken above the consolidation and is now retesting it. Find a nice entry to go long.
AUDJPY has broken out of a consolidation zone (where it was consolidating for over a week), and now appears to be retesting the zone. Bulls can look to open a long position if and when price successfully rejects off of the zone and starts gaining bullish momentum. A break back into the the consolidation zone could mean price will be heading down, if it can break...
✔️ Double Top Daily but price action still making higher highs
✔️ Waiting for the pair to give me further directional clues
As of writing this article, AUDJPY seems to consolidating rather than correcting. It does appear to have a double top currently but that reversal pattern could very well be discredited if this pair...