AUDJPY Why Wouldn't it drop yet ? Take a look here

OANDA:AUDJPY   Australian Dollar / Japanese Yen

Hello traders:

Been receiving many inquiries about AUDJPY , on the potential bearish bias of the price action.

I have sharing many forecast and analysis on AUDJPY , but it seemed price has yet to commit to the downside.

This is something that I haven't experience before where there's a consolidation period of the price, and the market is just getting ready for the bigger move once the consolidation is complete.

We can see here first on the higher time frame,

Price is in a larger, consolidation correction after the initial up move. We can see a clear structure within few swing highs and lows, bouncing up and down the price.

The latest development on the lower time frame can give us a bit more clues on the potential direction of the price.

With a lower time frame bearish impulse down, and now is forming a parallel channel correction,
and within more and more bearish price action development such as rising wedge , ascending channel to give us more positive confluence to look for sell setups.

Watch for bearish development now to confirm another downside move,
alternatively, price could move up one more to a double tops, and top of HTF structure before the move down.

Thank you


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