AUD/JPY DAILY INVERTED HEAD AND SHOULDERS

Jul 28, 2019

Price Action (Technical Analysis): Market Closing last week, we had price continue to drop after a big push from our monthly low to our consolidating resistance showing us price might be experiencing an exhaustion retracing to our left shoulder support which is at our high probable retracement from our bullish impulse, the 61.8%. This can very well be an entrance into the market with proper candle-stick reading if price does rally to our ideal right shoulder retracement. A smarter approach to this scenario would be to look for a possible entrance after price breaks out to the upside confirming an uptrend then expecting an exhaustion to previous structure and calculate our exhaustion with our Fibonacci Retracement Tool. If price does follow this sequence then we would have confirmed an Uptrend breaking out of our Monthly Support, a Breakout of our Inverted Head and Shoulder Pattern. Calculating our Exits after an Entry after a pull back to our Inverted H&S Neckline would be to our Descending Trend Line / Downtrend Exhaustion Retracement 61.8% / 200 Day EMA Resistance Indicator.

Fundamental Analysis: Anticipate High Volatile Market Pushes, we have both our quote and our base being evaluated and reported through Red Folders Mon, Tues & Thurs.