First of all, we can agree that AUD/JPY AUDJPY is overall bullish. However, after reaching the order block at the current levels, we might see a price retracement after a rejection. Historical performance suggests that we could experience a pullback later this week.
JPY Strength: The JPY JPYX seems to be gaining strength, at least for now.
Market Structure: We’ve got a swing CHoCH (Change of Character) on a higher time frame, indicating that a pullback before a continuation of the upward trend seems to be the right approach.
Gold Correlation: Gold GOLD is also at its highest, and a potential price pullback could align with the expected retracement in AUD/JPY.
Short-Term Outlook: Short Position: In the short term, a pullback presents a good shorting opportunity for AUD/JPY. We just got to The golden Fib level Had a Bearish Liquidity grab and got the minor reversal signal on the Oscillator Matrix. would be great to confirm the structure change on the lower Time Frame Long-Term Outlook: Long Position: Long term, the overall bullish trend remains intact, so longs are still the preferred direction. For a major short, we would need to see the price reach significantly higher levels than where it is now.
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