AUDJPY analysis 09.01.2020

Stochastic Oscillator indicator signals overboughtness, while a bearish divergence formed on Awesome Oscillator. The currency pair is trading in the range of 365 and 135 moving averages directed downwards. The upward movement is probably a wave (B) forming an H8 level downward pattern. The formation of the descending wave pattern with a breakthrough of the 135 moving average will result in the completion of an M30 level rising pattern by breaching the inclined channel and the fractal point of entry.

Trading recommendations:

Sell while a descending structure is forming, where the wave (as) breaks the 135 moving average.

Stop loss for the resistance level of 75.27.

Target levels - 74.74; 74.42; 73.80.