AUD/JPY has been in a dominant bearish trend since December 2014, continuing to print lower swing highs and lower swing lows.
We now have an excellent opportunity to trade with momentum on our side as 6 confluence factors join together to create the perfect storm.
Confluence Factors:
1. Trading With Dominant Bearish Trend
2. Rejection of Key 94.00 S/R level
3. Rejection of 50% Fibonacci Retracement
4. Price remains contained under 50 EMA
5. Rising Wedge - Bearish Continuation Pattern
6. Rejection of KEY Weekly Trend Line
We now have an excellent opportunity to trade with momentum on our side as 6 confluence factors join together to create the perfect storm.
Confluence Factors:
1. Trading With Dominant Bearish Trend
2. Rejection of Key 94.00 S/R level
3. Rejection of 50% Fibonacci Retracement
4. Price remains contained under 50 EMA
5. Rising Wedge - Bearish Continuation Pattern
6. Rejection of KEY Weekly Trend Line
