AUDJPY 30min Analysis January 21s, 2021
Price is starting to consolidate in a flag pattern.
Trade Scenario 1: Bullish - For us to go long we need to see price breakout of our flag pattern and above 80.450. We will then wait for a retrace and for 80.450 to act as support. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we want to see strong bearish pressure push price back below our key structure zone of 80.200. We will then wait for a retest and for 80.200 to flip as resistance. Enter on strong bearish setups.
Trade Scenario 1: Bullish - For us to go long we need to see price breakout of our flag pattern and above 80.450. We will then wait for a retrace and for 80.450 to act as support. Enter on strong bullish setups.
Trade Scenario 2: Bearish - For us to go short we want to see strong bearish pressure push price back below our key structure zone of 80.200. We will then wait for a retest and for 80.200 to flip as resistance. Enter on strong bearish setups.
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