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AUDJPY: Potential!


4hr Time Frame: Breaking down price action, AJ managed to reject off of the monthly zone and drop. Now, price is ranging between weekly zones after the break of the neckline and weekly support. Price looks as if it's going to retest the neckline as newfound resistance. However, we have to two potential biases. Due the uncertainty of market fluidity, risk management is highly recommended.


Short Bias: If price manages to pullback to 74.250-500 key psychological resistance and reject then look to sell this down to 73.000 weekly zone. If price breaks 73.000 look to sell down to 71.000 daily.


Long Bias: If price manages to break and close back above 74.500 key resistance then look to buy this back to 76.500 monthly resistance.

 

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