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AUDJPY: Aussie Strength or Yen Weakness?


Daily Time Frame: Starting on the daily we can see price is testing 68.750 daily quarterly psychological support. Notice how price is also respecting our moving average in confluence with a daily pinbar rejection candle.

 

4Hr Time Frame: Scaling down we can see price is creating a double bottom formation. If price manages to hold with signs of rejection, then look to buy this back up to 70.000 key psychological weekly resistance. However, if price manages to break and close below 68.750 then look to sell this back down to 62.250 key support. Due to uncertainty of market fluidity, risk management is highly recommended.

 

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