AUDJPY Daily Analysis 2/1/20

AUDJPY Short Idea

After analyzing AJ we have noticed all relative timeframes are very bearish

Huge bearish momentum pushed price action out of a weekly bearish flag

To enter short on this opportunity we ideally want to see a retest to a fib level or major broken support turned resistance. The 73.600 area has strong significance and could present a nice retest followed by strong bearish setups that we could capitalize on.

The target for this potential trade would be our weekly support around 70.000