AUDJPY DAILY 11/8/19

AJ Short Idea

Higher time-frame analysis suggests a strong bearish trend

On this daily time-frame were seeing price action reject a key monthly resistance area around the 75.000 level

We have spotted a lot of confluence in this area which includes: The 200 ema, daily 88.6% fib level, monthly resistance, buyers exhaustion and a large bearish engulfing candle

A confirmed reversal from this level and we will target toward the next major support area

73.000 will be our first target followed by 70.000 which is a major weekly support