Rising Wedge - AJ

Here I have AUD/JPY on the 4 Hr Chart!

Price has been outlining what looks to be a Rising Wedge since its First Touch of the Rising Resistance on Dec. 19th.

The RSI has given a Bearish Signal along with working down underneath 50 which leads me to believe we will be seeing some Bearish Pressure.

My bias on this pair is BEARISH with important news events on the way later today.

Fundamentally this week:
AUD - CPI (Tonight)
JPY - Clear

*If CPI comes in AT or LOWER than Forecasted, AUD will lose its interest and will make the JPY more FAVORABLE!

If we get a Valid Break and Close underneath our Rising Support, I will be looking for Selling opportunities to take price down to the Support Zone underneath.

Comment:

Beautiful Bearish Break-Out trade opportunity if you caught it!!

For the Retest crowd, be on the look out for a Retracement to 97.05 - 97.20!!

Trade active:

Price has Retraced to the 61.8% Fibonacci Level!!

Sell Entry @ 97.08
SL @ 97.21

Comment:

CPI data came in LOWER than forecasted for AUD!
&
Consumer Confidence & Housing Starts results came in POSITIVE for JPY!!

Fundamentally, this strengthens my Bearish Bias!

Trade closed: stop reached:

Looks like I fell victim to a Fake-Out!

Comment:

Any late comers to this Idea, I hope you were able to enter and take advantage of the move still!!

Even though I was Faked-Out, Looks like price is doing what we expected!!