AUDJPY Bearish Retracement (Overall BULLISH Bias) - Price is overall in a bullish trend forming higher highs and higher lows.
-Price then met resistance at a supply zone which also coincide with the 97.5 minor QP point.
-Price also closed as a doji/evening star candlestick (pattern) on the previous day.
-I am anticipating price to sell off and retrace to test near the 50.0-61.8 fib level, which will create a higher low.
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Bearishaud
Bearish (SHORT) AUDJPY
-Price is in an overall bearish trend
-Currently on the 4hr and lower TFs it appears that price is consolidating.
-Expecting price to form a candlestick reversal pattern and retrace to test the 50.0--61.8 fib level.
-Price also formed sort of a double top and broke below, a retracement to the previously stated levels, would also serve as test of the neckline.
-Once price make a retracement and respect the levels, I am expecting price to make another push to the downside, continuing the trend.
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