AUDJPY 4hour Analysis August 29th, 2021
AUDJPY Bearish idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: AJ is very much bearish on higher timeframes, however, we are in a large retracement. It looks like price action is going to test broken structure around 80.750 before we see something we can take a trade on.
Ideally we see a strong reversal at 80.750 with plenty of confluence that we can then enter short on. Look to target lower to major support levels.
Trade scenario 2: For us to consider AJ bullish we need to see a clear break above 80.750 with a confirmed higher low above.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: AJ is very much bearish on higher timeframes, however, we are in a large retracement. It looks like price action is going to test broken structure around 80.750 before we see something we can take a trade on.
Ideally we see a strong reversal at 80.750 with plenty of confluence that we can then enter short on. Look to target lower to major support levels.
Trade scenario 2: For us to consider AJ bullish we need to see a clear break above 80.750 with a confirmed higher low above.