AUDJPY BUY

AUDJPY

On Monday, AUDJPY had a significant bullish move that continued throughout the week until it reached the price of 100.200. This created a head and shoulders pattern on the 2-hour time frame, indicating a possible trend reversal. If the price manages to reach the .50 Fibonacci retracement level, we could see a retest of that pattern or a break above it, which would signify a continuation of the bullish trend.

Alternative Scenario:
In case the bears continue to dominate the market, there is a high probability that we may witness a decline in the prices, which could lead to a potential rejection at the 23.6 level. This could further reinforce the downward trend and signal an extended bearish momentum in the market.