AUDJPY based on a technical chart of H1 it clearly indicates a triangular pattern that contains a length of 110 candles and forms a bearish continuation pattern.
The trading approach will be bearish for this currency after the breakout from the support levels.
Selling zone 80.250- 80.300
Stop loss: 80.500
Target: 79.700
Disclaimer: All the information...
Potential down move on AUD/JPY 📉
Things to consider:
1. Triangular Formation
2. MACD and price downward momentum
3. COT data shows AUD is being short and JPY is also being short so overall strong down movement upcoming
How to enter:
1. Entry after the weekly resistance is broken
2. Entry should be on 4hr timeframe for better R:R
3. Enter when storng down momentum starts
Trading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (83.33).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. AUDJPY is in a downtrend, and the continuation of the downtrend is expected.
. The price is below the 21-Day WEMA, which acts...
