AUDJPY 4hour Analysis July 5th, 2020
AUDJPY Long idea
The monthly and weekly timeframes are bearish whereas the daily and 4hour timeframes are bullish!
Depending on how price action reacts at this current level we have two potential scenarios:
1.Price action breaks and retests 74.650 confirming a higher low which we will enter on and target higher resistance levels like 76.000 (The blue trade path)
2.Price action reverses at the current level and forms a 4hour transition. Look to enter on a lower high and target lower toward significant support levels like 73.800 & 72.606 (the orange trade path)
The monthly and weekly timeframes are bearish whereas the daily and 4hour timeframes are bullish!
Depending on how price action reacts at this current level we have two potential scenarios:
1.Price action breaks and retests 74.650 confirming a higher low which we will enter on and target higher resistance levels like 76.000 (The blue trade path)
2.Price action reverses at the current level and forms a 4hour transition. Look to enter on a lower high and target lower toward significant support levels like 73.800 & 72.606 (the orange trade path)
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