descending triangle formation on AUDJPY.
Pay attention to a horizontal support of a triangle!
Bearish breakout of support is a signal to short the pair.
We don't know how long the pair will be trading within the triangle,
but when it breaks, set your stop above the last lower high!
target levels will be:
. There is a possibility of temporary retracement to suggested support line (72.40). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. AUDJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
First of all - waiting for a daily close is essential on this trade.
If price closes up as a bearish pin bar on the daily, we are in for a smooth ride towards 70.750.
Trade safe, manage risk, good luck.
Possible shorting opportunity the break of the wedge..
I am already short from somewhere near the top..
if there is a break of the wedge then i may open another position with a tighter stop loss
AUD seems real weak right now and YEN is booming.. at least up until the rate decision ON THE 31ST OCTOBER!!!
any questions feel free to ask
AudJpy is currently at a minor level of resistance/supply level which we can see some bearish pressure to the downside. After that I think if we pull back into the killzone drawn we can potentially get a retest of the highs due to the strength in the uptrend.
This is one of medium to long term scenario for audjpy . I have open a small buy on this pair with the us and China trade noise in the background, however as you can see we are in a downtrend channel that looks exhausted with caution . Technically we should see some movement upwards for price correction .
Risk is medium and reward is 3times bigger than...
My BIAS for AUD/JPY for the upcoming week is currently NEUTRAL.
My reasoning behind this is
We are currently consolidating between Daily Support level at 71.050 and Daily Resistance Level at 72.560.
We are currently at the Support level so we could see a rejection of this level for a push up towards previous 4HR Support at 71.900
Or we could see a break...
AUDJPY - Intraday - We look to Buy a break of 72.16 (stop at 71.86)
The 423.6% Fibonacci extension level of the 76.28-75.13 move is at 71.40. A Doji style candle has been posted from the base. A bullish reverse Head and Shoulders is forming. Trend line resistance is located at 72.16. A break of 72.16 is needed to confirm follow through bullish momentum. The...