AUD JPY is preparing for a massive drop - Trade Setup
Hi Traders,
The daily chart indicates we are still in a sellers market and the uptrend in the lower timeframes are actually a pullback move. The major resistance is at 76.748 - 76.218 (yellow zone) levels. The hourly chart indicates we have a minor resistance at 75.954 - 75.858 (Blue zone). This level can be used for short term scalping trades. Now coming down to the 15min Chart, we have an outer trendline and an inner trendline. Since the major trend is down we recommend looking for sell positions. The break of the inner trendline can be used to enter a short position and can be held till the hourly chart touches the 50 SMA with the Stoploss maintained above the blue zone. Another Short setup can be the break of outer trendline.
For queries pls comment Below.....
Happy Trading...
The daily chart indicates we are still in a sellers market and the uptrend in the lower timeframes are actually a pullback move. The major resistance is at 76.748 - 76.218 (yellow zone) levels. The hourly chart indicates we have a minor resistance at 75.954 - 75.858 (Blue zone). This level can be used for short term scalping trades. Now coming down to the 15min Chart, we have an outer trendline and an inner trendline. Since the major trend is down we recommend looking for sell positions. The break of the inner trendline can be used to enter a short position and can be held till the hourly chart touches the 50 SMA with the Stoploss maintained above the blue zone. Another Short setup can be the break of outer trendline.
For queries pls comment Below.....
Happy Trading...