Good Opportunity to go short on AUDJPY

AUDJPY / 1D

AUDJPY is trading at a key level, what happens after this is very important for us to pick a bias.

Scenario 1: bearish
If price pushes down, it does so impulsively a subsequent tight one-hour flag forms, then I'll be looking to get short with either a reduced risk entry on the break of the flag or a risk entry within it.

Scenario 1: bearish
We might be looking at a measured move, which means, buying now and selling around 82.779. We will follow this pattern for the selling part, the reason is it carries a low risk, meaning if we are wrong we get out quickly with 20-30 pips. But if it plays out,
we will be looking for more than 200 pips in play.

Trade safe,
Trader Leo.

Comment:

First rejection good indication