AUDJPY Shall we Buy or Shall we Sell [Long term scenaio]

Jun 1, 2020

Analysis :

• Price is on a resisatnce zone,
  
• Price is inside an ascending channel,
  
• Bulls are rejected on out restance zone.
  

Two Scenarios are forseen

Buy :

• Wait for the breakout of our resistance zone & retest,
  
• Wait for a rejection/continuation candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
  
• Initiate BUY order,
  
• Targets next resistance zone [~74.05],
  
• SL bellow our first resistance zone which become a support[~72.44].
  

Sell :

• Wait for a bearish reversal confirmation,
  
• Wait for a rejection/continuation candle pattern to form e.g. bullish engulfing , pinbar , Insidebar etc,
  
• Initiate SELL order,
  
• Targets the ascedning channel lower bound [~70.99],
  
• SL above our first resistance zone [~72.93].
  

/!\** Disclaimer**/!\
The scenarios described in this analysis are subject to change at any time without prior notification. This analysis is provided as a decision support.

Traders! | if you like my analysis and it supports you in your trading decisions, please say it in a comment so we can manage the trade together.
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A bearish engulfing pattern has emerged at the bearish bat pattern potential reversal zone.
***This idea is only for educational purpose. Not a financial advice***
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