AUDJPY has made multiple hits to this Daily resistance zone over the past few months. Once again price has returned to this zone and we see some signs of rejection. In addition, price appears to be forming an ascending flag pattern which is often followed by a bearish breakout. If price does continue to respect this zone over the next few weeks or months, we can look out for a breakout into a sell. There will be other possible short term trades before this happens but this setup once it plays out will be a really nice sell.
Note: if this does not happen, we can see price break through this Daily resistance zone and continue buying.
Note: if this does not happen, we can see price break through this Daily resistance zone and continue buying.
