AUDJPY More Bearish Price Action, Wait For Sell Confirmation

11 May 2022

Hello traders:

Also on watch are few JPY pairs as they mostly are showing good signs of reversal bearish price action.

Here on AUDJPY, from the HTF, we can see price has break above a previous highs, but no signs of continuation price action.


Where as on the lower time frame, more bearish price action has developed and form.
We see an ascending channel and price indeed reverse impulse down, and formed more continuation correction.

Now that we have another bearish impulse phase down,
would be interesting to see if price can form more continuation correction after breaking the previous lows, in order to confirm more downside opportunities.

Wait for that confirmation before placing entry orders, if not confirmation or continuation correction, then no entry no trade.

Thank you

12 May 2022

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