AUDJPY is in a short bearish market forming the lower lows and lower highs. Market is right now at the support level priced at 92.90. If this support is broken, market will retest and that will be our short position from the support turn resistance. Apart from this, the structure is also bearish, hence forming a bearish trend.

The ascending trendline has induced the breakout sell. This breakout sell has been validated by the price action.

There is no retracement structure in this setup as the market has not made a corrective move. This is a simple case of break and retest for the AUDJPY.

EMA 50 has broken out for sells and has been retested by the market near the resistance level. The curve is steap, which means the strength for the berish impulse is stronger than the corrective impulse.

RSI is at 52, which is the bullish region. Market needs to drop below the 50 level in oder for the market to continue its bearish move towards the previous low.

AUDJPY bearish momentum contiuation

Nov 14 2022