AUD/JPY: 4-hour
If you’re waiting for a larger retracement on an Aussie pair, then you might like this setup on AUD/JPY’s 4-hour forex time frame much better. Price also made a strong break below a key support area then sank all the way down to a low of 82.20 before recovering. The Fibonacci retracement levels on the latest swing high and low might hold as resistance, but an even stronger correction could last until the broken support at 89.30, which is closer to the moving averages. However, stochastic is already indicating overbought conditions and is starting to turn lower, hinting that Aussie bears might be ready to step in and push for a move back to the previous lows.
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