Chart is a bit confusing to understand due to trendlines
but firstly looking at the 4HR TF, it seemed AUDJPY wanted to rally higher after its rejection of the 79% level and trend line breakout but then after analysis on the weekly and daily tf, i saw on the 15th Feb, it made 2 attempts to take out the high created on 31st December (swing failure)
Confluencing with the Gold and EurUsd play I'm anticipating.
I am anticipating the red arrow play greater then the green arrow simply because i don't anticipate much dollar strength
I'm expecting UJ to take stops into 115.900 which is where i expect UJ to continue its downside rally to 110
Have been anticipating price to see fall to 1200 where there a 4HR BR which is also a daily OB, and 705 on fib extension.
expecting price to take out stops 1198 and reject
Initially targets were 1250
updated target 1260
Expecting either plays to take place
anticipating the red arrow play more simple because of the confluencing factors and i feel market makers would like to take stops out at 1.05200 of those who are currently long.
If the play of the red arrows happens, i would preferably like to see a close below 1.4520 after a stop raid
First targets 1.07300
In my related...
Expecting Dollar weakness to come back in after market conditions reversed heavily on the Thursday (9th), where the DXY gave me a fake bearish rally and the level I anticipated a strong rejection.
Expecting UJ to reach at least 114.500 before rejecting, then expecting to see UJ down to at least 110.900 in the long term
Expecting price to reject off either the current EQ of range or 62% of the fib where a BR has formed at each every areas.
Price has also currently rejected off the 1220 BR/OB, which can be seen clearer go LTF's.
Will take Long on either entries depending of PA
Expecting USD weakness in days to come, all major pairs correlating with each other. Hoping price will retrace to 0.7000 and reject all the way up to 0.73240 where and OB and BR are and also -27% extension of the fib