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AUDJPY: Strong Divergence!

Monthly Time Frame: Due to central bank divergence, we can see how this has reflected on the charts as AUDJPY is falling out of the sky. On the monthly we can see how price broke previous support, 71.250 quarterly psychological and dropped like a knife.


Weekly Time Frame: Scaling down to the weekly we can see how last weeks closure closed off a strong pinbar. After last weeks (weekly) closure price smashed targets and is now testing between 66.000-71.250 psychological.


Daily Time Frame: Scaling down to gain more insight on the market, we can see price came all the way down to 66.000 key zone and immediately rejected. Now we can see price testing right below previous targets, 68.500 key psychological.


4Hr Time Frame: If price manages to pull back to 68.500 key zone for potential entries, we can see new lows fulfill, especially if price maintains below this area. Although if price breaks back above 68.500 key psych, it is advised to reevaluate price action. Due to the uncertainty of market reality, risk management is highly recommended.


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