Description: As shown above we have FX:AUDJPY . At the opening last week i posted this pair with a Outlook, projecting a possible 350 Pip
move to the downside just beyond Monthly Support. However i did state we would look to short this pair on rejection of the previous Daily Resistance 82.500.Early in the
week we had slight rejection but not enough Short Confirmation so i decided to let this pair play out!
During the week the momentum was clear, last month ended with a candle & this week closed a Piercing Candle. Im expecting a possible
retracement back to previous Daily Resistance/Support 82.500 around 0.382 - 0.50 then a continuation Long First target previous High followed by a retest of Weekly
resistance 85.800. I wouldn't go long until i see some consolidation and strong support on Structure at around 82.500 - 83.000.
A break and close above Weekly Resistance would be Major as the monthly candle would likely see a rollover with a possibility of price trading towards 89.000.
Indicators: [50,200 ,RSI] On the Daily we are trading on the 50 below the 200, sitting just between Monthly & Weekly Resistance.On the Weekly we are sitting way below
both EMA's also still not in territory on yet. However on the Monthly we are Trading above the 200 , after a possible retracement if price holds above this
level after a few days of next weeks market this would be a good signal to go Long.
Duration: Long Term
Decision: I will go long on a retracement with price holding above Support 82.500
TP 1: 83.750
TP 2: 84.750
TP 3: 85.800
SL : 81.850
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading