AUDJPY Renko Analysis, Chart. 0.25 Fixed box Renko
- AUDJPY has been undergoing a correction to its uptrend
- The most recent price action shows the AUDJPY renko to be heading towards a previously established support level at 93.85
- A possible Head&Shoulders pattern is being formed in the process
- For this Head&Shoulders pattern to be validated, we need to see a break of 93.85
- Further downside support comes at 93.35. This would be a key level to short AUDJPY from upon retest
- Expect to see some consolidation in play between 93.85 – 93.35
- A long term trend line was broken but price moved back above the trend line but failed to make a higher high
- Price bounced off a previously well respected trend line, testing it from below
AUDJPY – Renko Technical Analysis Short Term trade idea
- Sell from 94.6, targeting 93.85 or wait for a bullish renko to form/close at 95.1 to short towards 93.85
While the overall bias is the uptrend, this short term correction provides a good opportunity to bank some pips
We will revisit this trade set up later as price heads towards 93.85 to determine the strength of the head and shoulders pattern