Here I have a Multi-Timeframe analysis on 
AUDJPY which is giving multiple signs of Higher Prices potentially to come!!
First on the Daily we can see that Price formed a Hammer Candle after testing the March 11th Support Zone and as the next Daily candle forms (Today), we are already seeing a Bullish Confirmation candle begin!
*Bullish Engulfing would be a textbook Confirmation Candle!
Now zooming into the 4Hr / 1 Hr Charts, this Hammer is formed by what looks to be a very Strong Reversal Pattern, the Inverted Head and Shoulders!
Now we are still waiting for the Confirmation of the Pattern where Price needs to rise to the "Neckline" or Resistance Level.
Once Confirmed, we will look for a Breakout of the Pattern and if Validated, could deliver great Long Opportunities as a Breakout and Retest of the Inverted Head and Shoulders Pattern!
If the Pattern is Successful, we could expect the Price Target to be at the next level of Resistance being the 95.3 - 95.6 Area!
Fundamentally, the BOJ begins the week with Policy Rate decision Monday evening where they forecast a HOLD on Interest Rates, staying at .5%. This could have drastic implications on the JPY, potentially weakening it.
AUDJPY which is giving multiple signs of Higher Prices potentially to come!!First on the Daily we can see that Price formed a Hammer Candle after testing the March 11th Support Zone and as the next Daily candle forms (Today), we are already seeing a Bullish Confirmation candle begin!
*Bullish Engulfing would be a textbook Confirmation Candle!
Now zooming into the 4Hr / 1 Hr Charts, this Hammer is formed by what looks to be a very Strong Reversal Pattern, the Inverted Head and Shoulders!
Now we are still waiting for the Confirmation of the Pattern where Price needs to rise to the "Neckline" or Resistance Level.
Once Confirmed, we will look for a Breakout of the Pattern and if Validated, could deliver great Long Opportunities as a Breakout and Retest of the Inverted Head and Shoulders Pattern!
If the Pattern is Successful, we could expect the Price Target to be at the next level of Resistance being the 95.3 - 95.6 Area!
Fundamentally, the BOJ begins the week with Policy Rate decision Monday evening where they forecast a HOLD on Interest Rates, staying at .5%. This could have drastic implications on the JPY, potentially weakening it.
Note
Yen weakens amid rising Crude Oil prices.*Bullish Fundamental factor for AUDJPY
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Trade active
Price has Confirmed the Inverse Head and Shoulders by rising back to the Neckline and has delivered a Breakout of the Pattern!
Currently Price is retesting this Break at the Neckline where I suspect we will see Support step in and take Price Higher!
Long Entry @ 93.86
SL @ 93.25
TP @ 95.5
Note
The 1 Hr Chart has delivered a Golden Cross with the 34 and 200 EMA suggesting an end to downward Price Action!
This morning also delivered a Valid Breakout and a Successful Retest.
Trade closed manually
Closed Long Positions at 94.52!
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
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Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Related publications
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.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Related publications
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.