I like the look of this potential long entry opportunity. This pair has multiple bullish confluences across every time frame. The Australian dollar scores strong on my cross pair comparison, with the yen scoring weak. This strengthens my bullish bias. my analysis across time frames formed the following views:
Weekly: The 83.00 weekly support level looks to have been rejected on this time frame, with a deep fibonacci retracment, and rejection confirmed with bullish candle closes from this level.
Daily: On the daily, price has broken through the previous lower high, giving me the hint of a break in the previous, bearish trend.
4 hour: On the 4 hour chart (as seen above) price would have to play out as shown for me to enter long. I would like to see price retract back, and reject the previous lower high level of 83.870 - This also would coincide with the 50% fib level (however I wouldn't rule out a further touch of the 61.8% level)
1 Hour: I would then be looking for a bullish candlestick pattern from either fib levels to give me the all clear to enter long and target the previous "high" of 84.807.
Weekly: The 83.00 weekly support level looks to have been rejected on this time frame, with a deep fibonacci retracment, and rejection confirmed with bullish candle closes from this level.
Daily: On the daily, price has broken through the previous lower high, giving me the hint of a break in the previous, bearish trend.
4 hour: On the 4 hour chart (as seen above) price would have to play out as shown for me to enter long. I would like to see price retract back, and reject the previous lower high level of 83.870 - This also would coincide with the 50% fib level (however I wouldn't rule out a further touch of the 61.8% level)
1 Hour: I would then be looking for a bullish candlestick pattern from either fib levels to give me the all clear to enter long and target the previous "high" of 84.807.