- Bears about to get back on board following a significant correction.
- Price action from a 4-hour perspective can be monitored for an optimal entry point.
Further to the prior analysis, AUD/JPY Price Analysis: Bulls target daily resistance, the market has followed suit in accordance with the price action forecast as follows:
The daily chart above and the 4-hour chart, below, are prior analysis in anticipation of a correction and discount for bears seeking a downside extension of the daily impulse.
Daily chart/live market
4-hour chart/live market
The price moved in on the telegraphed resistance, albeit not offering an opportunity to get on board for the market simply bolted in one way traffic.
Nevertheless, a downside opportunity has now emerged. However, the technical environment is still bullish with price above support structure and the 20-moving average.
An optimal entry point from a new resistance structure would arise once conditions are bearish and the price has broken below support.