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AUDJPY – Showing Signs of Exhaustion + Reversal (4hr chart)
After suffering a mini-flash crash on the 11th last week, the AUDJPY appears to be bottoming short term and forming a potential reversal. What is behind this sentiment of mine is the large exhaustion bar with almost no follow through.
In fact the only follow through has been buying 7 of the last 9 candles. If the sellers truly were in control, where did they go to after the big sell off?
Hence I’m thinking ST the bulls are in control. However the price action is parked just below the 20 ema + dynamic resistance and a role reversal level at 80.55.
If this resistance fails, then we should see …... Keep reading