AUDJPY. Simple
Price has been trading between the 77.33 and 79.85 range since almost the beginning of 2019.
As you can see we have an upward trend creating higher highs and higher lows.
Price is being squeezed into an ascending wedge.
If price reaches the 79.45 area and rejects this level, this will create a lower high and be the top of the right shoulder for the head and shoulders pattern, suggesting a reversal in price towards the downside.
Waiting for price confirmation (Bearish pin bar of engulfing bar) at 79.45 on the 1 hour or 4 hr chart to go short.
Follow me on Instagram for more updates @nath_pilkington
Let me know your thoughts
Thanks
Nath
As you can see we have an upward trend creating higher highs and higher lows.
Price is being squeezed into an ascending wedge.
If price reaches the 79.45 area and rejects this level, this will create a lower high and be the top of the right shoulder for the head and shoulders pattern, suggesting a reversal in price towards the downside.
Waiting for price confirmation (Bearish pin bar of engulfing bar) at 79.45 on the 1 hour or 4 hr chart to go short.
Follow me on Instagram for more updates @nath_pilkington
Let me know your thoughts
Thanks
Nath
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