AUDJPY 4hour Analysis January 22nd, 2023
AUDJPY Neutral idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall we are actually bearish but this large 4hour range is throwing off some lower timeframe trends.
As we know, we have to let the range do its thing as it is very likely the range will continue. We specifically are looking for reactions near our key resistance 91.000.
If the range continues, look for strong rejection from 91.000 to enter short on.
Trade scenario 2: If we see price action break above 91.000 we will look for the next point of structure (higher low) before we enter long.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bearish
Trade scenario 1: Overall we are actually bearish but this large 4hour range is throwing off some lower timeframe trends.
As we know, we have to let the range do its thing as it is very likely the range will continue. We specifically are looking for reactions near our key resistance 91.000.
If the range continues, look for strong rejection from 91.000 to enter short on.
Trade scenario 2: If we see price action break above 91.000 we will look for the next point of structure (higher low) before we enter long.