AUDJPY will likely to bounce up to the $77.63 price level.

2016Sep10 The price has hit a support level. It will likely bounce back up to at least the 77.63 price level. If the price gaps up it will likely close the window and then head up. If it gaps down it will likely turn around and head back up.
The price has been trending down on the Daily chart.
The RSI has hit the oversold area.

Comment:

I am already in a short trade with a stop at 77.72 for although I believe the short-term move will be bullish I am expecting the price to continue dropping.
I will try and exit my trade first thing Monday without a loss and then continue shorting once the price reaches the 38.20% Fib level.
If I cannot exit without a loss I will increase my stop to 77.85 in case the price breaks the resistance level at $77.77.

Comment:

I exited with a small profit. I am now long with a target of 77.63. Stop at 77.18.

Comment:

Unfortunately my stop was not enough. I have re-entered with a stop at 76.95 and a target of 77.42.

Comment:

Well at least the target on my second attempt was reached. I will now wait for a solid bearish pattern and go short.

Comment:

I would short now with a target of 76.69 and a stop of 77.51.

Comment:

Second target reached.