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AUD/JPY Price Analysis: M-formation completed, bears lurking

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  • 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. 

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