AUDJPY
Monthly chart:
- We are making clear higher highs and higher lows on the monthly chart.
- We are receiving a Bullish M pattern and are currently forming the 4th leg.
- I expect price to hit the 76.500 region before heading back up.
Weekly chart:
- Price is moving with the trend which indicates that the bulls are getting tired and bears might gain power from here.
- We broke the last higher low as well, count the legs.
Daily chart:
- We are forming a Bearish W pattern which has more potential to go to the down side.
- We have a weekly supply and demand zone between the 87.100 and 87.500 region.
- We have a descending trend line to protect our price as well.
- We received a previous daily reversal pattern in the form of a head and shoulders.
I expect a retest around 87.300 and really want to see some price deceleration on the 4H chart before I pull the trigger to the downside. I noticed trough back testing that this pair doesn`t have a lot of patience. It likes to tap and go.
- This is no financial advice, just pure my point of view on the markets.
Monthly chart:
- We are making clear higher highs and higher lows on the monthly chart.
- We are receiving a Bullish M pattern and are currently forming the 4th leg.
- I expect price to hit the 76.500 region before heading back up.
Weekly chart:
- Price is moving with the trend which indicates that the bulls are getting tired and bears might gain power from here.
- We broke the last higher low as well, count the legs.
Daily chart:
- We are forming a Bearish W pattern which has more potential to go to the down side.
- We have a weekly supply and demand zone between the 87.100 and 87.500 region.
- We have a descending trend line to protect our price as well.
- We received a previous daily reversal pattern in the form of a head and shoulders.
I expect a retest around 87.300 and really want to see some price deceleration on the 4H chart before I pull the trigger to the downside. I noticed trough back testing that this pair doesn`t have a lot of patience. It likes to tap and go.
- This is no financial advice, just pure my point of view on the markets.