AUD/JPY Hidden Bearish Divergence Hints for a Possible Bearish Move

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Dear Traders,
The AUDJPY has formed a hidden bearish divergence at resistance. Bearish divergence happens when price makes a higher high while the oscillator makes a lower high.

Compared to the previous high we might see a rejection from 79.64-74 zone. Targets are 79.30 and 79.10 with a possible continuation move on the 4h close below 79.10. Have in mind that price needs to stay below 79.90 for divergence to remain stable.

A move below 79.10 would signal additional bearish strength and a possibility for a retest of 78.90, 4/8 and long term trendline projection. Extended target is 78.50, previous sing low and 2/8.

The analysis has been done with the CAMMACD.MTF template.

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Soaring pips,
Davin Wu aka AmbitionFX
Elite CurrenSea

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