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AUDJPY: Back at Resistance!


Daily Time Frame: Starting on the daily, we can see that price is consolidating in between our blue zones and currently revisiting areas of resistance 67.500 key psychosocial. Notice how yesterday pushed up but sellers came in to bring it down showing signs of rejection.

 

4Hr Time Frame: Scaling down to the 4hr, we can see price creating a potential double top formation. If price manages to hold below this 67.500 zone then, we can anticipate shorts back down to the bottom of the range, 64.500 key psychological. However, if price violates this resistance by breaking and closing above, look for pullbacks. Due to uncertainty of market fluidity, risk management is highly recommended.

 

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