AUDJPY POSSIBLE SHORT TRADE.

AUDJPY DAILY

MARKET IS BULLISH, 21 ABOVE THE 55. PRICE IS BULLISH, 5 MOVING AVERAGE ABOVE THE 8. RESISTANCE IDENTIFIED AT MM4 & MR2. STOCHASTICS IS OVERBOUGHT. SEEING THAT PRICE IS CLOSE TO THE PROFIT TAKING ZONE, I WILL LOOK TO LOWER TIME FRAMES FOR A REVERSAL PATTERN.

AUDJPY H4

MARKET IS BULLISH, 21 ABOVE THE 55. PRICE IS BULLISH, 5 ABOVE THE 8. RESISTANCE AT WR2 & WM4 WHICH COINCIDES WITH MM4. STOCHASTICS FACING SOUTH. PRICE ON THE H4 CHART ALSO CLOSE TO THE PROFIT TAKING ZONE. SO A POSSIBLE COUNTER TRADE BACK TO THE CENTRAL PIVOT.

AUDJPY H1

MARKET IS BULLISH, 21 ABOVE THE 55. PRICE MIGHT PRINT A DOUBLE TOP IF IT BREAKS THROUGH MM4 & WR2 TO THE UPSIDE. STOCHASTICS IS STILL HEADING UP ON H1. I WILL MONITOR MY LOWER TIME FRAME CHARTS FOR REVERSAL PATTERNS TO SHORT THIS PAIR.

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