AUDJPY 4hour Analysis May 16th, 2021
AUDJPY Long idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: We are very bullish on this pair and all timeframes show that. Currently we are looking for a pullback and reversal near our 61.8% fib level & 84.700 support level to enter long on. Look to target higher toward prior highs.
Trade scenario 2: For us to consider AJ bearish we need to see a transition of support at 84.400. Look to enter short on a confirmed lower high below 84.400 and target lower toward our weekly support at 83.300.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish
Trade scenario 1: We are very bullish on this pair and all timeframes show that. Currently we are looking for a pullback and reversal near our 61.8% fib level & 84.700 support level to enter long on. Look to target higher toward prior highs.
Trade scenario 2: For us to consider AJ bearish we need to see a transition of support at 84.400. Look to enter short on a confirmed lower high below 84.400 and target lower toward our weekly support at 83.300.
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