AUD/JPY is an attractive short below the daily structure. Currently, the stars do not quite align across all time frames from a top-down market structure analysis. The Monthly is bearish and is looking as though it wants to form a head and shoulders. The weekly is proving that there is resistance that first needs to hold the bullish commitments at this juncture. The daily chart has a strong bullish bias while holding above a strong support structure along with the ascending trendline support. Monthly chart The above chart shows a potential reversal head and shoulders pattern in the making, offering downside target opportunities for the bears. Weekly chart The weekly chart is showing that the bulls are trying for a second attempt a the resistance. Should they fail, the prospects for the head and shoulders are sound. Daily chart The daily support structure is a confluence of higher lows, the support trendline and a restest of the structure which confirms a bullish bias. However, should the same confluence breakdown, then bears will be looking to take over in the barroom brawl zone and a shorting opportunity on a retest of broken support structure turned resistance. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Falling wedge breakout suggests bull revival FX Street 2 years AUD/JPY is an attractive short below the daily structure. Currently, the stars do not quite align across all time frames from a top-down market structure analysis. The Monthly is bearish and is looking as though it wants to form a head and shoulders. The weekly is proving that there is resistance that first needs to hold the bullish commitments at this juncture. The daily chart has a strong bullish bias while holding above a strong support structure along with the ascending trendline support. Monthly chart The above chart shows a potential reversal head and shoulders pattern in the making, offering… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
