AUD/JPY: Several breakout possibilities
Follow-up of my previous idea about the daily bat on the left.
We were well on the way tom complete that bat, but 10 bullish candles and the .618 fib decided it was time for a decent retracement. We now have a trendline which could prove to strong to break but we can never know what will actually happen...
I'm currently neutral based on lower timeframes since PA is clearly consolidating and there are several possible outcomes as shown in the chart on the left.
Good for range- or breakout traders on lower timeframes I would suspect!
We were well on the way tom complete that bat, but 10 bullish candles and the .618 fib decided it was time for a decent retracement. We now have a trendline which could prove to strong to break but we can never know what will actually happen...
I'm currently neutral based on lower timeframes since PA is clearly consolidating and there are several possible outcomes as shown in the chart on the left.
Good for range- or breakout traders on lower timeframes I would suspect!
