AUDJPY formed an ascending triangle and broke to the upside with a weekly bullish engulfing candle. However when price came back to retest previous resistance as support, buyers failed to step in and drive the market higher.
To me, this was just a false breakout to the upside. Weekly candle starting 07/09/20 formed a huge wick rejection to the downside so this is where most buyers would have been interested but as you can see we failed to push higher and instead closed as a strong bearish candle on the weekly.
Daily chart we also have wick rejections to the upside showing daily bearish market structure
Looking for price to break and retest support and use it as resistance
To me, this was just a false breakout to the upside. Weekly candle starting 07/09/20 formed a huge wick rejection to the downside so this is where most buyers would have been interested but as you can see we failed to push higher and instead closed as a strong bearish candle on the weekly.
Daily chart we also have wick rejections to the upside showing daily bearish market structure
Looking for price to break and retest support and use it as resistance