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AUDJPY: Longs to 76.500!


Daily Time Frame: Starting on the higher time frames we can see that price broke above 75.000 (gray mid zone) then took off to test previous swing highs, 76.500 psychological resistance. After price tested this zone it immediately pulled back to test 75.000 as newfound support.

 

4hr Time Frame: Scaling down we can see that price had a bullish reaction at 75.000. Analyzing price, we can see we are testing a potential trend line for the third time in confluence with the 61.8 fibonacci. If price manages to hold above this zone look for looks to 76.500 key resistance. However, if price manages to violate 75.000 and the trend, we must reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended.

 

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