AUD-JPY
Weekly Structure - Downtrend
Price has pullbacked and is testing previous weekly support.
Daily Structure - Uptrend
Ascending trendline has been broken. 50 EMA is also being tested acting as resistance.
4Hour
Trendline has been broken is being tested around 69.000 also creating a possible double Top.
1 Hour
We have a descending trendline on 1 hour, and also have created double top around 68.800. I Will wait to price pullback the nek of the double Top around 68.500 (significant round number) and show signs candlestick price action reversal pattern (Evening star, Tweezer Top and essencially Bearish Engulfing)
This zone is also the Fib Retracement of 38,2% level.
TP1 - 68.100
TP2 - 67.600
SL - 68.718
R/R - 4.11
Good Luck!!!
Price has pullbacked and is testing previous weekly support.
Daily Structure - Uptrend
Ascending trendline has been broken. 50 EMA is also being tested acting as resistance.
4Hour
Trendline has been broken is being tested around 69.000 also creating a possible double Top.
1 Hour
We have a descending trendline on 1 hour, and also have created double top around 68.800. I Will wait to price pullback the nek of the double Top around 68.500 (significant round number) and show signs candlestick price action reversal pattern (Evening star, Tweezer Top and essencially Bearish Engulfing)
This zone is also the Fib Retracement of 38,2% level.
TP1 - 68.100
TP2 - 67.600
SL - 68.718
R/R - 4.11
Good Luck!!!
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