MatildaK
Short

Channel bounce, Trend trading

FX:AUDJPY   Australian Dollar / Japanese Yen
Price is moving in a downtrend channel (between 2 descending trendlines on H4 timreframe). Price has reached top of the channel and is likely to bounce off. RSI is in overbought area showing price is ready to head back down. There is also a formation of a rising wedge , suggests continuation of downtrend.
Trade closed: stop reached: Price has hit SL. Because price has broken trend line, I am expecting a pullback to come retest trend line before proceeding upwards. Price is also in an uptrend on Daily timeframe.
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