PabloSantander

AUD/JPY Ready to retest 88.400?

FX:AUDJPY   Australian Dollar/Japanese Yen
244 17 4
OUTLOOK: Daily Chart

AUD/JPY             is posing some interesting setups. The daily chart displays a textbook rising wedge chart pattern (blue dotted lines),
which AUD/JPY             broke through 5 days ago. So even though the overall trend is bearish , the market is currently in 'Pull back mode'
and is likely to retest the 88.400 area (Red rectangle ) before continuing its bear trend.

Note: Keep an eye out for bearish evidence at the 88.400 level before entering this trade.

CONCLUSION: Bearish bias pending daily resistance retest.

BEAR INDICATORS:

1. Rising Wedge Chart Pattern - marked by blue dotted lines
2. Three black crows - found at the tip of the rising wedge pattern
3. Bearish engulfing - engulfing the previous candle on daily chart
4. Bearish engulfing - evident on the weekly chart

BULL INDICATORS:

1. Bullish pin bar ( daily chart )
2. Price rejects 86.753 area, a key monthly/daily support level - marked by red dotted line.
Im going to try to get short around 88.....(wait for reversal candle)....
Reply
Piet.Hein tony12000
Good luck! :D
Reply
tony12000 Piet.Hein
Do you still like your short?
Reply
Piet.Hein tony12000
hahahah, yes, still. Why? What you think?
Reply
tony12000 Piet.Hein
lol!... just curious.. I like your publications.. all on the daily charts..easy for me to read!!!!
Reply
Piet.Hein tony12000
And easy to me to analyse! :p Daily charts a cleaner
Reply
tony12000 tony12000
i have a SL at 88.80
Reply
Piet.Hein tony12000
my currently at 90.7, but when it goes down I will move to break even, what was your entry?
Reply
Piet.Hein Piet.Hein
Original stop since entry
Reply
tony12000 Piet.Hein
unfortunately 87.50...I was without my PC for 5 days and wanted to get in!..... little worrysome after todays rally!
Reply
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