- AUD/JPY bears taking control of what is expected to be a daily downside extension.
- The 4-hour time frame offers a bearish environment at a discount.
AUD/JPY is bearish across the time frames and the following top-down analysis illustrates where the next swing trading opportunity has arisen on the daily and 4-hour time frame.
Monthly chart
-637471179387648835.png)
There are bullish prospects from a longer-term perspective with the price rallying from the dynamic trend-line support and extending beyond prior resistance.
The prior resistance will be expected to now act as support in a 38.2% Fibonacci retracement.
Weekly chart
-637471179993062061.png)
Meanwhile, from a weekly perspective, the bulls have challenged the start of what is expected to be a significant correction from weekly tops:
-637471184879380708.png)
Daily chart
-637471180882203933.png)
The price has been rejected at a critical resistance structure on the daily chart, reinforcing the near-term bearish bias in what is expected to result in an extension of the last bearish impulse.
4-hour chart
-637471181363382504.png)
The 4-hour chart has offered a discount from which bears may expect to see the price melt below the 21-moving average with bearish technical conditions marked by negative MACD.
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