Unsustained Breakout On AUDJPY
Japanese yen pairs have been a pretty difficult read lately. However, this unsustained breakout does give me some decent early indication that there's downside to be expected.
1. Price first attempted to trade above the 85.885 level, which failed to sustain.
2. This is the great indication here. Price made another attempt to trade above the 85.885 level and failed to sustain as well. After price dropped sharply below it, we saw an upward price drift to this level and then momentum picking up on the downside. My current bias is a bet on downside momentum picking up. Of course, this signal is no longer valid if price does making more tests at this 85.885 level. This would be an indication that this level is no longer being respected.
1. Price first attempted to trade above the 85.885 level, which failed to sustain.
2. This is the great indication here. Price made another attempt to trade above the 85.885 level and failed to sustain as well. After price dropped sharply below it, we saw an upward price drift to this level and then momentum picking up on the downside. My current bias is a bet on downside momentum picking up. Of course, this signal is no longer valid if price does making more tests at this 85.885 level. This would be an indication that this level is no longer being respected.
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