Trend Continuation - AUD/JPY

FX:AUDJPY   Australian Dollar / Japanese Yen
AUD/JPY             has been in a dominant bearish trend since December 2014, continuing to print lower swing highs and lower swing lows.

We now have an excellent opportunity to trade with momentum on our side as 6 confluence factors join together to create the perfect storm.

Confluence Factors:

1. Trading With Dominant Bearish Trend
2. Rejection of Key 94.00 S/R level
3. Rejection of 50% Fibonacci Retracement
4. Price remains contained under 50 EMA
5. Rising Wedge - Bearish Continuation Pattern
6. Rejection of KEY Weekly Trend Line
Missed the entry on Friday (although I had in on my watch list and was looking for this retracement for almost two weeks :S). Hopefully we get a nice retracement to the pivot level today which would enable trader who missed the initial signal @.94 to get in short as well :)) Great stacking of confluence as always Paul!
Cesko bblancke
Guys, where is the pivot point today?
@bblancke We did end up getting a nice retracement to get back in on this trade :)!! Were you able to catch it?? Thank you for the support!!
Where is your stop loss?
ForexVader JasonLewis
I'd place a SL a few pips above the key 94.00 S/R level.
ActiveTrader JasonLewis
+2 Reply
eh yea
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