AUDJPY - Aussie Japan Forex - idea I AudJpy 07/2024
Yearly: Stoch OB but very bullish close.
→ Resistances ahead: 103-106 (grey box) – 107 (Yearly High)
→ big wick area from 98-107 ---- Bearish Zone, once yearly closes above its converted.
→ 107 opens a chapter of Double Topping
Quarterly: Bullish Breakout above Triangle. Retesting 107
→ showdown area reached
→ Stochastic OB 96 = some kind of reversal expected
→ candle closes very bullish above grey area but below 107 – Retest for a drop?
Monthly: Bullish close, almost vertical now
→ 3 Months too much gains without a retest : expected drop from here because we reached a major target
→ bullish trendline is still intact
→ 3D TF must be watched for early signs of a double top. Grey box must be broken for bears to take control
3D: Some Triangle formation – breakout can be volatile
- bullish trendline is intact so theres no reason to sell at all. It might just break above 107 and continue the bullish party. But they have been extended the party for a long time… time to get some rest? … Will consider long trades ONLY above 107.6. Below bears like me will be happy to start a party…
Thanks for reading…
