AUDJPY 4hour Analysis June 14th, 2020
AUDJPY Short idea
Last week we saw a huge reversal from our monthly resistance zone around 76.000 in the form of a large head & shoulders pattern.
We managed to catch a great short opportunity on a break of the right shoulder and rode price action down to our supporting daily trendline.
From the current level we are looking to short again as price action is retesting the broken neckline. If we see strong bearish setups we will look to enter and target lower.
Look to target toward the 200 ema around 72.000 and potentially lower as we see confirming lower highs form.
Ideally a bearish leg down to the weekly support around 70.000 would be perfect.
Last week we saw a huge reversal from our monthly resistance zone around 76.000 in the form of a large head & shoulders pattern.
We managed to catch a great short opportunity on a break of the right shoulder and rode price action down to our supporting daily trendline.
From the current level we are looking to short again as price action is retesting the broken neckline. If we see strong bearish setups we will look to enter and target lower.
Look to target toward the 200 ema around 72.000 and potentially lower as we see confirming lower highs form.
Ideally a bearish leg down to the weekly support around 70.000 would be perfect.
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