AUDJPY Daily Analysis 11/23/19

AJ Short Idea

Last week was exceptionally choppy and not much ground was covered in this pair, however we are still very bearish on AJ as the overall time-frame and confluence suggests.

Current price action on this daily time-frame has rejected the monthly resistance level, daily 200 ema and has formed significant daily exhaustion and bearish setups.

We are looking for a test of broken structure (blue line) followed by more strong bearish setups before entering short and targeting lower.

Our first target will be the daily -27.2% fib level around 72.750

If we see the -27 hit, ideally a small retracement to a fib level and/or the broken trendline would be appropriate before this pair drops even lower.

After said scenario we will target the weekly support zone around 70.000