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AUDJPY: Aussie Losing Strength!

Monthly Time Frame: AUDJPY managed to break through monthly psychological support and is now retesting as new resistance. If price manages to stay below 71.250 key zone, we can anticipate new lower lows and highs.


Weekly Time Frame: Scaling down to the weekly we can see that price managed to break the uptrend and retest as resistance. In confluence with the moving average cross over and signs of rejection (reading price action, specifically the wick rejection and size of candles). After the indecision candlestick below 74.250 key quarterly support price snapped down with a strong weekly engulfing candlestick, which broke through 71.250 monthly quarterly support. If we maintain below this zone, then we can anticipate our targets to fulfill.


Daily Time Frame: Scaling down further we can see a potential break and retest. If price manages to stay below this monthly zone, then we can see 68.500 key psychological. Although if price manages to break and close back above this monthly zone then we can see price pull back to 72.500 key psychological.


4Hr Time Frame: In the above chart we can see a nice flag formation (61.8% pull back) that is testing resistance. Would like to see price stay below this zone to sell down to target 2. Risk management is key due to market reality.


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