AUDJPY

6 Des 2020

On the weekly chart we are still in a major downtrend where we have seen the retracment up to the 61.8% level and a rejection, This level happens to be at the major trendline as well. On the 1D chart we are seeing the right shoulder form on a major head and shoulders pattern with massive divergence on the RSI confirming that the trend is weakening. On the 4HR Chart we can see the market getting funneled into a pattern and when this happens we need to see a breakout form it, also we have divergence in the RSI confirming weakness in the upward movement. Reason for my target is taken from the previous retracement, the market always repeats.