AUDJPY - Short setup after adverse reaction to resistance
AUDJPY has been on a long running streak to higher prices lately. However, once price reached the 50% Fibonacci retracement area that is supported by an area of resistance (red rectangle).
Sell Order place a few pips below yesterday's low, SL is placed above the resistance area, and profit target is initially near previous major support.
Since this may be the start of a new uptrend, I will be looking to move my SL to BE quickly to protect capital (most likely once the position is 50-100 pip in profit).
Sell Order place a few pips below yesterday's low, SL is placed above the resistance area, and profit target is initially near previous major support.
Since this may be the start of a new uptrend, I will be looking to move my SL to BE quickly to protect capital (most likely once the position is 50-100 pip in profit).
Trade closed manually:
Trade closed at 84.30 due to BE SL after failing to sustain a downward move.