AUDJPY has recently formed the lower lows and lower highs, which indicate a bearish trend on the pair. The price it is hovering right now is at 88.65. The price needs to continue dwelling towards the bearish side once it leaves this support level, as it was a fakeout. We are anticipating the bearish push towards the support level at the 87.80.

The ascending trendline has broken out for sells and has been validated by the market price action. On the lower time frame, if we form another breakout sell, the market can continue moving down.

The retracement level of 61.8% is in confluence with the resistance level. This means, market has a following of the bearish impulse.

EMA 50 has just broken out of the candlesticks. The market needs to retest this EMA 50 as a result of retesting and continuation. 

RSI 14 is at 53. Below the neutralized level of 50, market will be in sells aligned with the technical parameters. 

AUDJPY resistance fake out?

Apr 11 2023

Stop Loss -0.71%

Holding time 17hr

88.598

Entry price

89.231

Stop loss price