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

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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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