AUDJPY 4hour Analysis December 18th, 2022
AUDJPY Neutral idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are overall very bearish looking on AJ but we just hit key support around 91.000. At the moment we may not have any short opportunities but we will be looking for reactions from this zone.
The most likely scenario is that price action will go to form structure and hit one of our key fib levels before continuing bearish.
Trade scenario 2: If we see price action go to retrace we could have a nice counter trend trade on our hands. Look for a strong reversal from 91.000 support and target toward 92.300.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: We are overall very bearish looking on AJ but we just hit key support around 91.000. At the moment we may not have any short opportunities but we will be looking for reactions from this zone.
The most likely scenario is that price action will go to form structure and hit one of our key fib levels before continuing bearish.
Trade scenario 2: If we see price action go to retrace we could have a nice counter trend trade on our hands. Look for a strong reversal from 91.000 support and target toward 92.300.