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After a first leg down of 150 pips, AudJpy has recovered and now is trading again above 80 important figure. The rise from 79.50 is in a rising wedge though, indicating a lack of impulse. A break under the support line of this wedge could be a confirmation of a new leg down and such a trade can have a great 1:4 risk: reward ratio.
This is AUDJPY 4H timeframe analysis, i'm expecting a sell on it before it'll buy.
AUDJPY DAILY CHART. If you found my analysis useful, you can support it with your likes and comments.
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*RISING WEDGE PATTERN DAILY TIME FRAME* Second chance short entry after retesting the harmonic resistance zone. Will be waiting for a confirmation in daily time frame and lower time frame after it touches the harmonic resistance zone.
AUD/JPY is currently retesting 0.5 Fib, which is acting as a strong Resistance zone. If we broke the uptrend, we would be looking for some nice short trade by market.
Still Bearish on AUDJPY. Fakeout Spotted at TF 4H. Currently Price is hovering at 4H Bear Engulf Candle. Expecting price to Spike around 71.700-72.000 area before continue to drop.
AUD/JPY SELL AREA @ 69.85/70.00 SL: 70.85 TP: 67.85
Price reached the main level 68.50 and at this level, short traders reacted. I'm expecting that this pair will drop at least to 66.50 level. I will try to go SHORT with every correction. DISCLAIMER: This is my personal opinion and view of the market, trade at your own risk. Use proper risk management and trust the process.