CURSORY LOOK AT AUDJPY

Tendency: Downtrend ( Bearish )
Structure: Trendline | Breakout
Observation: i. Breakout of Bullish trendline followed by Supply zone break incites downward tendecy.
ii. Rejection of Supply zone with an engulfing bearish candle predicts a Seller's signal.
iii. Observe a Descending channel on our weekly chart (see link below).
iv. Price below our Moving Averages.
Trading plan: SELL opportunity with a minimum potential profit of 500 pips.
Risk/Reward: 1/4
Potential Duration: 5 to 12 days

Watch this space or Telegram channel for updates on lower time frames as price action is been monitored.


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