Lingrid | AUDJPY short from RESISTANCE zone at 101.000

9 Nov

The price made a false breakout of the resistance zone at 102.00, leading to a bearish impulse move. Following this, FX: AUDJPY declined sharply after testing the upper boundary of the upward channel, where it rebounded. I believe that it will continue to move downward and test the support level, especially considering the long-tailed bar formed on the weekly timeframe, which suggests a potential shift towards lower levels. Moreover, the overall trend is rather sideways, with the price having made a false breakout at the top of the range. Therefore, I anticipate a pullback towards the resistance zone, followed by a bearish move. My goal is the support zone around 96.170


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻