AUDJPY is currently in a descending channel on the 4 hour timeframe. We had a fakeout to the upside before a closing pinbar beneath resistance which suggests price will continue to head south and back towards previous demand zones. However, price could also just be heading lower for a correction before taking another shot at breaking the descending channel, yet the more likely scenario based on the current PA would be a continuation downwards.
Trade active:
Stop moved to BE. currently running at +55 pips profit