Hello guys,
AUDJPY has approached a monthly supply zone but this does not mean I am expecting an overall massive reversal. If you look on the weekly timeframe, the pair is quite bullish in structure but I think its more of a bullish trap that a bullish move. Since price took out liquidity of the previous weekly high and is at a supply zone, it should be expected that price will use this liquidity to create a complex pullback which I will use to takeout the previous weekly low.
If you are interested in this short trade, ensure you go on LTFs to be get confirmation to enter a short trade once price hits the sell zone (red ellipse).
Like and follow for more.
BR
David
AUDJPY has approached a monthly supply zone but this does not mean I am expecting an overall massive reversal. If you look on the weekly timeframe, the pair is quite bullish in structure but I think its more of a bullish trap that a bullish move. Since price took out liquidity of the previous weekly high and is at a supply zone, it should be expected that price will use this liquidity to create a complex pullback which I will use to takeout the previous weekly low.
If you are interested in this short trade, ensure you go on LTFs to be get confirmation to enter a short trade once price hits the sell zone (red ellipse).
Like and follow for more.
BR
David