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AUDJPY: Be ready to SHORT this CHANNEL

Short
FX:AUDJPY   Australian Dollar / Japanese Yen
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🟢Forex Pair:
AUD/JPY

Technical Analysis:
Since the 10th of January 2021, the price has been following a clear descending channel , bouncing few times on its dynamic channel's lines.
Yesterday, the 1st of February, the price reached its dynamic resistance line, getting a nice bearish rejection on that level.
It is currently re-testing the support zone at about 79.700 and the next price action will be essential to understand the next market movement.

🔴Conclusion:
The price is just in the middle of its channel, around a support zone at about 79.700.
I'm confident to see it having a small correction before falling down through the support zone until its dynamic support line.
I'm already holding a short position but I'll be waiting for the breakout of the support zone before planning my second position around the level 79.400.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

nice channel move
+1 Reply
FXtrades-gp Yuriy_Bishko
@Yuriy_Bishko, thanks a lot man! :)
Reply
Nice illustration
+1 Reply
FXtrades-gp Investroy
@Investroy, I'm glad to hear that!
Reply
Completely Agree With YoU
+1 Reply
FXtrades-gp TRADiNG_hub
@TRADiNG_hub, thanks guys! really appreciate
Reply
nice work. share more ideas
+1 Reply
@abel11, thanks abel
Reply
Good Idea like always!
+1 Reply
@FOREXN1, thank u guys!
Reply
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