AUD/JPY STRUCTURE ANALYSIS|DECISION LEVEL|TRADING PLAN

22 Jul 2020

The pair is trading in an uptrend after the diagonal resistance breakout.

Now, AUD/JPY is facing a strong horizontal resistance.

WAIT for the breakout either way.

For the bearish breakout the diagonal support needs to be broken too.

The short is a counter trend trade and therefore has lower probability. On the other hand, the level is strong and the RSI is in the oversold zone.

Thus, let the market give us a hint in a form of a breakout.

Then, depending on the direction, short or long based on the price action.

Yet, the current price level is a good spot for opening positions, as it certainly is a decision level.

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