AUDJPY 4hour Analysis August 22nd, 2021
AUDJPY Bearish idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Bearish on AJ as well but we only have one great opportunity to short here. Ideally price action rejects our 38.2% fib level near 79.000 and confirms a lower high.
We’ll look to enter short on strong bearish setups and target lower toward our -27% fib level and monthly support.
Trade scenario 2: If price action breaks above 79.000 we could catch some lower timeframe long positions because it’s likely we'll see price action pull back to 80.750/ the top of the channel.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Bearish on AJ as well but we only have one great opportunity to short here. Ideally price action rejects our 38.2% fib level near 79.000 and confirms a lower high.
We’ll look to enter short on strong bearish setups and target lower toward our -27% fib level and monthly support.
Trade scenario 2: If price action breaks above 79.000 we could catch some lower timeframe long positions because it’s likely we'll see price action pull back to 80.750/ the top of the channel.