AUD/JPY OFFERING 0.618 REJECTION/DOWNTREND CONTINUATION
AFTER AUD/JPY RECENT GAP AND TEST OF A LONG TERM 0.618 RETRACE, IT HAS FAILED TO BREAK ABOVE PREVIOUS LOWS; TWO TESTS OF STRUCTURE RESISTANCE AND BEARISH PRICE ACITON OFFERS UP A GOOD RISK REWARD SHORT OPPORTUNITY.
A SIGNIFCANT BOUNCE OFF THE NEW 0.618 SWING HIGH/SWING LOW AS WELL AS A BEARISH ENGULFING CANDLE, INDICATES THAT AUD/JPY REMAINS CAPPED BELOW THE 95.00 HANDLE, THE MA CROSS TO THE DOWNSIDE ALSO CONFIRMS FUTHER SELLING BIAS.
SHORT TARGETS ARE PLACED AROUND PREVIOUS GAP LOWS AND THE LONG TERM 0.618 RETRACE, LOWER LOWS AND LOWER HIGHS ARE OBVIOUS - IN PARTICULARLY ON THE HOURLY TIME FRAME.
A SIGNIFCANT BOUNCE OFF THE NEW 0.618 SWING HIGH/SWING LOW AS WELL AS A BEARISH ENGULFING CANDLE, INDICATES THAT AUD/JPY REMAINS CAPPED BELOW THE 95.00 HANDLE, THE MA CROSS TO THE DOWNSIDE ALSO CONFIRMS FUTHER SELLING BIAS.
SHORT TARGETS ARE PLACED AROUND PREVIOUS GAP LOWS AND THE LONG TERM 0.618 RETRACE, LOWER LOWS AND LOWER HIGHS ARE OBVIOUS - IN PARTICULARLY ON THE HOURLY TIME FRAME.
