Hi traders:
Similar like AUDUSD, here on AUDJPY its showing us the same reversal price action.
After hitting the previous lows, no further downside from the price, instead a sharp bullish reversal impulse up.
We can now see an inverse Head and Shoulder developed, and currently forming the right shoulder.
Same approach to look for confirmation would be waiting for the completion of the right shoulder correction,
and wait for price to impulse up and look for lower time frame continuation to get in on the next up move.
thank you
Note
Price hit TP 1 but failed to continue higherlooks like a bearish reversal H and S
no further entry or buy bias for now
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.