AUDJPY is similar to the the GBPJPY we analyse earlier, as its quote currency is JPY which needs to be strengthening and thats why, it continued falling down. Market right now is in a downtrend and has the potential to continue moving bearish towards the double bottom. The trend is also bearish with lower lows and lower highs being formed. The short price we are looking at is at 92.

The ascending trendline has broken out for sells and needs to be validated by the structure with price action opening and closing below. We will wait for another breakout sell on the lower time frame. 

The retracement level of 38% is in confluence with the resistance level. We will be looking to short at this minor retracement level as the bearish pressure persists and might not take the prices to the higher retracement level.

The EMA 50 has broken out for sells. We will for the market to retest the EMA 50 at the resistance level, which also has an added confluence of the retracement level.

RSI is at 33. Market needs to neutralize at the level of 50 and has the capacity to turn down the market towards the over sold region.

AUDJPY also short

Dec 16 2022