Sell Sell Sell

AudJpy Daily Chart

We saw a buy off at MM2 at the beginning of the month with the monthly target at MM4. This was achieved and price is currently retracing down. Should it break the immediate support level at MR1, the next eyed support is seen at MM3, which coincides with a 83.500 psych key level and 50 fib level.

AudJpy H4 Chart

Price has failed to continue a series of higher highs and higher lows. It broke down beyond the 21 Moving average and found support at WPP which also coincides with the trend line. Stochastic is oversold and a retracement up to the 84.500 level is possible as it also coincides with the 50 fib level.

AudJpy H1 Chart

price has reached the daily bear target. after it broke what was then support at DM2 and also the trend line. A retest at the role reversal is imminent also with the trend line and the 21 currently at the same area, I will be looking for selling opportunities there.

2 thoughts on “AudJpy Short Setup”

  1. Giveness Tshiimomo says:

    Great Plan. I was thinking the same thing and looks like its happening. You should also check out NZDJPY, its doing something very similar to the AUDJPY. You can also check out my trade plan to see what i am talking about http://forex.today/nzdjpy-technical-analysis-counter-trend-trade-monthly-target-hit/

    1. Tsholanang Tsholanang says:

      Ye Sure, It looks like a good trade to hold on for quiet some time. Been selling the dips.

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