AUDJPY 4hour Analysis July 12th, 2020
AUDJPY Long idea
Currently we are in a 4hour bullish trend, however, we can see that higher timeframes are very bearish.
Price action is forming a nice bullish channel on the 4hour and could have the potential to climb back up to 76.000
To enter long we want to see a strong bounce off 74.000 and a break of resistance at 74.500 with bullish setups along the way. (The blue trade path)
To enter short we want to see a break and retest of 74.000 followed by strong bearish setups. Look to target lower toward significant support. (The orange trade path)
Currently we are in a 4hour bullish trend, however, we can see that higher timeframes are very bearish.
Price action is forming a nice bullish channel on the 4hour and could have the potential to climb back up to 76.000
To enter long we want to see a strong bounce off 74.000 and a break of resistance at 74.500 with bullish setups along the way. (The blue trade path)
To enter short we want to see a break and retest of 74.000 followed by strong bearish setups. Look to target lower toward significant support. (The orange trade path)
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