Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We have a impulse correction and continuation pattern and we do expect the correction to the downside before the continuation to the upside or the price will continue it's impulse until the next long target .
Weekly : We also have an overextended "W" formation as well and the neckline is exactly in confluence with the 0.382 Fib level taken on the previous impulse leg.
Daily : We have a W formation pattern that is completed and we are still pushing to the upside. We do have the resistance of the trendline and also a historical level of resistance at this level .
COT : Institution have been decreasing net positions in JPY since they closed more than 8500 long positions and added to 1100 Short position during the last report.
From an AUD perspective we are still looking at a strong AUD because hedge funds added more longs positions and closed a lot of shorts and this explains the fact that there will be a lot of buying opportunities on this market.
8H: We are currently testing the resistance and trying to break through to continue the move to the upside so we will be monitoring price to execute our entry depending on the environment of the market.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. You can also leave a comment and let me know which pair you'd like me to analyze in my next idea.
Trade safe !!!
Monthly : We have a impulse correction and continuation pattern and we do expect the correction to the downside before the continuation to the upside or the price will continue it's impulse until the next long target .
Weekly : We also have an overextended "W" formation as well and the neckline is exactly in confluence with the 0.382 Fib level taken on the previous impulse leg.
Daily : We have a W formation pattern that is completed and we are still pushing to the upside. We do have the resistance of the trendline and also a historical level of resistance at this level .
COT : Institution have been decreasing net positions in JPY since they closed more than 8500 long positions and added to 1100 Short position during the last report.
From an AUD perspective we are still looking at a strong AUD because hedge funds added more longs positions and closed a lot of shorts and this explains the fact that there will be a lot of buying opportunities on this market.
8H: We are currently testing the resistance and trying to break through to continue the move to the upside so we will be monitoring price to execute our entry depending on the environment of the market.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. You can also leave a comment and let me know which pair you'd like me to analyze in my next idea.
Trade safe !!!