Technical view of AUDJPY: Quick Intraday trade idea!
Pattern: Bearish Flag formation longer term, within intraday - Playing a H&S pattern - Confirmed once broken the trendline up - (Highlighted the key area in Blue)
Support: 80.400*, 80.290, 80.170
Resistance: 80.600*, 80.700, 80.830
200 & 50 EMA - 80.400 is a key support area where it holds the trendline up as well as higher confluence, once broken - It could excel further towards the other support areas highlighted.
Key target areas you could be looking towards - Fib retracement areas of: 0.236 & 0.382
How you could play this trade - Wait for the break out of trendline down, add order in, or wait for pull back once broken out.
All the best,
Trade Journal
(Just a trade idea, not a recommendation).
Pattern: Bearish Flag formation longer term, within intraday - Playing a H&S pattern - Confirmed once broken the trendline up - (Highlighted the key area in Blue)
Support: 80.400*, 80.290, 80.170
Resistance: 80.600*, 80.700, 80.830
200 & 50 EMA - 80.400 is a key support area where it holds the trendline up as well as higher confluence, once broken - It could excel further towards the other support areas highlighted.
Key target areas you could be looking towards - Fib retracement areas of: 0.236 & 0.382
How you could play this trade - Wait for the break out of trendline down, add order in, or wait for pull back once broken out.
All the best,
Trade Journal
(Just a trade idea, not a recommendation).
Trade closed: target reached:
First target reached 20% left to run to 80.250 areas.