AUDJPY analysis: 6 hour tf live update
The 6 hour time frame is presented in this AUDJPY analysis with coverage of 4 months of price action. Bottoming price action that formed between September 7, 2018 and October 28, 2018 is best described as a double bottom chart pattern, which is ideally bullish.
The pattern is currently been retraced following its confirmation on November 7, 2018 at ~82.457. A bullish channel (tentative) is used in this AUDJPY analysis to track the current movement of price with 78.645 used a point of invalidation for any bullish position.
Also shown are the 6 hour timeframe bearish trend lines that are important to pay attention to as price breaching the immediate bearish trendline (dotted) can be used to consider entry of long positions. This would be considered less conservative than using a price close above the solid green trend line to trigger entry into long (buy) orders.
The pattern is currently been retraced following its confirmation on November 7, 2018 at ~82.457. A bullish channel (tentative) is used in this AUDJPY analysis to track the current movement of price with 78.645 used a point of invalidation for any bullish position.
Also shown are the 6 hour timeframe bearish trend lines that are important to pay attention to as price breaching the immediate bearish trendline (dotted) can be used to consider entry of long positions. This would be considered less conservative than using a price close above the solid green trend line to trigger entry into long (buy) orders.
