AUDJPY Analysis (2nd May 2024)

AUDJPY Analysis

On the 1 Hour timeframe, price has rejected off a high probability orderblock and coming lower after a strong rejection off the orderblock.

There are 2 scenarios i am looking at:

1) Price comes down and breaks the most recent higher low at 102.204 to look for a break and retest on the 1 hour to continue shorting.

2) price to respect the 1 hour OB and create a 5/15 minute change of character before looking for confirmations to long.

It is important to take into account what the JPY Basket does as it tells us how strong or weak the yen is.