AUDJPY Daily Analysis June 7th, 2020
AUDJPY Long idea
The monthly and weekly timeframes are very bearish, however, we saw this daily timeframe turn extremely bullish last week.
We saw a break of our descending channel and large bullish volume enter the market pushing price action up toward our key monthly level around 76.000
From this level we have two potential scenarios:
Bullish momentum continues and pushes price action through this monthly resistance level. We will then look for long positions targeting the 80.000 handle
Price action reverses at the current level and presents a short opportunity down toward a key fib level and other major support levels.
The monthly and weekly timeframes are very bearish, however, we saw this daily timeframe turn extremely bullish last week.
We saw a break of our descending channel and large bullish volume enter the market pushing price action up toward our key monthly level around 76.000
From this level we have two potential scenarios:
Bullish momentum continues and pushes price action through this monthly resistance level. We will then look for long positions targeting the 80.000 handle
Price action reverses at the current level and presents a short opportunity down toward a key fib level and other major support levels.
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