AUDJPY 4hour Analysis 5/24/20
AUDJPY Long Idea
The higher time frame is primarily bearish but we have seen a very strong 4hour bullish trend much like AU
We are going to continue with this bullish 4hour trend and look for long setups within this 4hour bullish channel
Confirmation to enter long could be seen after a break and retest of lower timeframe structure around 70.600 (the blue arrow) Look to target toward the -27.2 fib level around 71.650
The less ideal scenario would be a push lower toward the bottom of this 4hour channel (the orange arrow). Look for strong bearish setups at the current level with closure below our 38.2% fib level.
The higher time frame is primarily bearish but we have seen a very strong 4hour bullish trend much like AU
We are going to continue with this bullish 4hour trend and look for long setups within this 4hour bullish channel
Confirmation to enter long could be seen after a break and retest of lower timeframe structure around 70.600 (the blue arrow) Look to target toward the -27.2 fib level around 71.650
The less ideal scenario would be a push lower toward the bottom of this 4hour channel (the orange arrow). Look for strong bearish setups at the current level with closure below our 38.2% fib level.
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