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AUDJPY: Testing 76.500!


4Hr Time Frame: In the screenshot above we can see that price is testing 76.500, which is also a key higher time frame zone. Although price is testing this strong monthly resistance, we must also consider how bullish price has been for the past couple of days and weeks. With that being said we have to wait for added confirmation to see what the market may want to do next.


On the 4hr price is showing signs of reversal however it is best. to wait for more confluence. If price manages to stay below this zone with signs of rejection, then look to sell this down to 74.250 key quarterly support. However, if price breaks and closes above 76.500, look to buy this up to 77.750 and potentially 79.500. Due to the uncertainty of market fluidity, risk management is highly recommended.

 

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