AUDJPY 4hour Analysis May 8th, 2022
AUDJPY Neutral idea
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Ranging
Trade scenario 1: On higher timeframes we can see AJ has been mainly bullish. Only until we hit 95.000 resistance did we see any sort of reaction.
After 95.000 resistance was met we saw a 4hour transition which developed into 4hour ranging/consolidation. Essentially, we have no present trend to trade.
In order to continue bullish we need to see a bullish break of the range in the form of a higher low above 92.850
Trade scenario 2: It is most likely that for this week we will see the ranging continue and price action will head toward 91.000 support.
Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Ranging
Trade scenario 1: On higher timeframes we can see AJ has been mainly bullish. Only until we hit 95.000 resistance did we see any sort of reaction.
After 95.000 resistance was met we saw a 4hour transition which developed into 4hour ranging/consolidation. Essentially, we have no present trend to trade.
In order to continue bullish we need to see a bullish break of the range in the form of a higher low above 92.850
Trade scenario 2: It is most likely that for this week we will see the ranging continue and price action will head toward 91.000 support.
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