AUDJPY 4hour Analysis October 17th, 2021
AUDJPY Neutral idea
Weekly Trend: Bearish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Overall we are extremely bullish on Audjpy but we are clearly over extended on the 4hour and we are near a major resistance level around 85.000. How price action reacts at this level will determine where we are headed for the week.
Ideally we can spot a pullback to 83.250 with a confirmed higher low above. We can consider long scenarios at this point.
Trade scenario 2: For us to consider AJ bearish we would need to see a break below support around 83.250 with a lower high below.
Weekly Trend: Bearish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: Overall we are extremely bullish on Audjpy but we are clearly over extended on the 4hour and we are near a major resistance level around 85.000. How price action reacts at this level will determine where we are headed for the week.
Ideally we can spot a pullback to 83.250 with a confirmed higher low above. We can consider long scenarios at this point.
Trade scenario 2: For us to consider AJ bearish we would need to see a break below support around 83.250 with a lower high below.