AUDJPY – Corrective Structure & Re-balancing Zone, Holding My Shorts | May 24
NOTE – I currently have trades in the following instruments: AUDUSD, USDCAD, USDSGD, GBPUSD, TRYZAR, CHFSEK, USDMXN, CADJPY, EURJPY, XAUEUR, TSLA & 2 Options on AUDUSD & EURJPY
AUDJPY – Large Corrective Range At Bottom of Trend (4 hour chart)
For the month of May, the AUDJPY has been in a large corrective structure and range at the bottom of the most recent move. There have been several attacks from both sides as the order flow is re-balancing here.
I’m keeping a bearish bias on a MT / structural basis while the pair remains below the 80.60 resistance level on a daily closing basis and am looking to add to my current shorts. Downside I’d be targeting 78.33 and ideally an eventual break for a move towards the 75 big figure.
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