AUDJPY: Bearish Setup on Pullback to Key Levels
Technical Analysis:
Weekly Chart: Last week's bearish continuation candlestick suggests that the bears are still in charge, indicating a potential move towards the weekly horizontal level around 102.97/61.
Daily Chart: The previous day's bearish continuation candlestick with a lower low and lower close supports the bearish outlook.
4-Hour Chart: For a short position, I'm looking for a pullback to a key horizontal level around 104.52/68.
Sell Limit Entry: 104.52/68
Stop Loss: Above 104.90
Target: 102.97/61
Fundamental Analysis:
There’s not much happening with AUD except for the Flash Manufacturing PMI on Wednesday, July 24th. The Yen has gained ahead of the BoJ's policy meeting next week. Some BoJ officials are considering raising interest rates at the July meeting, though sluggish consumer spending complicates their decision.
Weekly Chart: Last week's bearish continuation candlestick suggests that the bears are still in charge, indicating a potential move towards the weekly horizontal level around 102.97/61.
Daily Chart: The previous day's bearish continuation candlestick with a lower low and lower close supports the bearish outlook.
4-Hour Chart: For a short position, I'm looking for a pullback to a key horizontal level around 104.52/68.
Sell Limit Entry: 104.52/68
Stop Loss: Above 104.90
Target: 102.97/61
Fundamental Analysis:
There’s not much happening with AUD except for the Flash Manufacturing PMI on Wednesday, July 24th. The Yen has gained ahead of the BoJ's policy meeting next week. Some BoJ officials are considering raising interest rates at the July meeting, though sluggish consumer spending complicates their decision.
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