AUDJPY has been in a bearish trend overall, on the higher time frames. The H4 has been depicting a short term corrective move and has a potential to continue trend once it taps the potential resistance of 92.50. Market is still ranging in the current scenario. It should be noted that, market has formed tripple top and has the potential to tap the resistance which has been drawn. This resistance, is also a stop hunt zone where all the sell orders from the tripple top have placed their stop losses at. Therefore, once the stop hunts have been triggered, we will take our short positions.

Currently, there is only one ascending trendline forming, which is below the current price prices. The breakout of this trendline would induce the breakout sell which would be a confirmation for the sell side. That being said, we will be sailing the sell ride from the stop hunt resistance level, and breakout sell, would further add fuel to the pressure of the bearish side.

The golden retracement area of 75-78.6% is in perfect confluence with the resistance level, which we have identifies as a stop hunt. This level is going to act as a wick area and continue pushing down.

Both the EMA's are bullish but, with a bearish death cross. At this point in time, as we are looking towards the bearish position, the EMA's are depicting the bullish sentiment. Therefore, we have nothing with confluence of EMA's.

Both the oscillators are in a bullish region. RSI is at 72 and CCI is at 210. The window towards the over bought region is close. Therefore, we will be waiting for the market to turn into the over bought region and form a bearish divergence, at the resistance level. This will be another technical factor.

Another short from 92.50

May 31 2022

Stop Loss -0.88%

Holding time 17hr

92.537

Entry price

93.348

Stop loss price

1