AUDJPY 4hour Analysis November 22nd, 2020
AUDJPY Short idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Price action continues with this bearish channel and forms another bearish leg. Look to enter short after a strong reversal from the current resistance level at 76.000. Look to target lower toward key support at 75.000 & our -61% fib level.
Trade scenario 2: Price action breaks trend and goes bullish. Only look to enter long after we have confirmed a higher lower above 76.000 & above this channel. Target higher toward key resistance around 76.500.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Price action continues with this bearish channel and forms another bearish leg. Look to enter short after a strong reversal from the current resistance level at 76.000. Look to target lower toward key support at 75.000 & our -61% fib level.
Trade scenario 2: Price action breaks trend and goes bullish. Only look to enter long after we have confirmed a higher lower above 76.000 & above this channel. Target higher toward key resistance around 76.500.