AUDJPY @ Bearish Strong, Engulfing Candle Has Formed Resistance.

📉📊 AUDJPY Price Forecast Analysis 🌐💹
AUDJPY
Traders, let's delve into the AUDJPY chart for a comprehensive forecast:

1️⃣ Double Top Reversal Pattern: 📈 After experiencing an uptrend, AUDJPY has formed a Double Top pattern, indicating a potential reversal in the trend.

2️⃣ Consolidation and Strong Resistance: 🔄 Following the Double Top formation, the currency pair is consolidating within a range with a strong resistance level around 97.70. This level has consistently held as a barrier to further upward movement.

3️⃣ Bearish Engulfing Candle: 🕯️ A significant development! A strong bearish engulfing candle has formed, signaling a potential reversal from the recent uptrend.

4️⃣ Breakdown of Upward Trendline: 📉 Additionally, the breakdown of the short-term upward trendline further confirms the bearish sentiment.

🔍 Conclusion: With the presence of a Double Top pattern, strong resistance, bearish engulfing candle, and breakdown of the upward trendline, AUDJPY is likely to target lower levels in the near future.

Stay informed and adapt your strategy as the market evolves! 📈📉 Remember, market conditions can change rapidly. Best of luck with your trades! 🚀💰 #AUDJPY #PriceForecast #BearishTrend

Trade active:

Trade initiated, again retrace the resistance level there formed a bearish candle so we're going short positions okay..