AUDJPY 4hour Analysis September 27th, 2020
AUDJPY Short idea
Trend: Bearish
Trade scenario 1: Price action pulls back to form structure at the 38.2% fib level and key resistance zone (75.00). Look for a confirmed reversal at this level and enter on strong bearish setups. Target lower toward key support and negative fib levels.
Trade scenario 2: Price action breaks resistance at 75.00 and forms a higher low confirming a 4hour transition. Look to enter long on strong bullish setups confirming the higher low. Target higher toward key resistance.
Trend: Bearish
Trade scenario 1: Price action pulls back to form structure at the 38.2% fib level and key resistance zone (75.00). Look for a confirmed reversal at this level and enter on strong bearish setups. Target lower toward key support and negative fib levels.
Trade scenario 2: Price action breaks resistance at 75.00 and forms a higher low confirming a 4hour transition. Look to enter long on strong bullish setups confirming the higher low. Target higher toward key resistance.