AUDJPY - Bulls are Back

5 thg 9, 2020

This pair broke out aggressively from the 75.500 zone on the daily time frame, we are now noticing signs of a pullback. The overall trend is still bullish so we should be looking for buys, As you can see from the chart, price is stepping down nicely, and respecting the structure marked, I have illustrated the potential buy setup I will be interested in once the pair breaks from the small descending trendline marked and begins a structure shift.

You may also notice wick rejections are starting to form around the 77 level, could this indicate that bulls are ready to enter the market?

According to COT data source - 63% short