Lets look at the AUDJPY on the 4 hour time frame.

I have marked up the chart and as you can see the pair is in a downtrend channel.

Trend is down but we do not discount the possibility of this pair rebounding back up to the top slanting line of the channel.

Recent price action on the H4 chart shows higher highs and higher lows indicating that the bulls might have come in at the lows around the 80.0 to 80.50 level.

A break and close above the 82.500 level could see this pair scaling higher.

The Premium Signals group have received a trade signal to enter long on this pair with Take profit and Stop loss levels included in the signal and I have also included those levels in the chart above.

On the downside, a break below 81.00 will bring the bears back in again.

MACD histogram is flat and does not indicate any strong momentum yet. However, the bar is in green and we are above the zero line indicating the presence of bullish pressure.


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Ardy Ismail

Lead Currency Strategist / Team Forexachievers