AUDJPY: Breakout Imminent!
AUDJPY is stuck in a short term sideways range among 95.20 key support level, and 96.50 key resistance, a breakout of this area will probably provide a new opportunity to initiate a trading position. Notice bollinger bans squeeze, hitting low volatility and a breakout seems imminent.
Most Likely scenario: Bearish Scenario:
- Main near term support at 95.20 includes the latest low, the 50-days SMA and main rising trend line
- A bearish divergence on RSI supports the bearish scenario
- A break below 95.20 would be bearish, targeting 93.70.
Bullish Scenario:
- Only a break back 96.50 would bring back the bullish bias into my attention, that would take the 50-percent Fibonacci retracement level for the overall long term bearish trend. Roughly, I would target the 61.8 retracement level at 98.15.
Note: we are still in a neutral zone, and as an event-based trader, i look for my awaiting confirmation signals which i mentioned above to initiate a trade. So far, this is not a trade or forecast.
Best of Luck
Technician: twitter.com/thefxchannel
Most Likely scenario: Bearish Scenario:
- Main near term support at 95.20 includes the latest low, the 50-days SMA and main rising trend line
- A bearish divergence on RSI supports the bearish scenario
- A break below 95.20 would be bearish, targeting 93.70.
Bullish Scenario:
- Only a break back 96.50 would bring back the bullish bias into my attention, that would take the 50-percent Fibonacci retracement level for the overall long term bearish trend. Roughly, I would target the 61.8 retracement level at 98.15.
Note: we are still in a neutral zone, and as an event-based trader, i look for my awaiting confirmation signals which i mentioned above to initiate a trade. So far, this is not a trade or forecast.
Best of Luck
Technician: twitter.com/thefxchannel
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