PhilippeRitchot
Short

AUD JPY short - Divergence on 1h chart + top reached?

FX:AUDJPY   Australian Dollar/Japanese Yen
I have shorted AUD JPY for a few reasons!

- The price has almost reached its past resistance level . To add to that idea, Stochastic is indicating overbought conditions.

- There is BEARISH divergence on the 1h chart on Stochastics.

- The targets I am aiming are close to the 0.236 FIbo replacement and the 0.50 replacement.

-The daily candle is finally bearish .

- The risk reward ratio is very nice. I plan to open 2 postions with TP at 81.140 and TP2 at 79.667.
Once TP1 is reached, I will move the remainder of the trade to BE.
Comment: EDIT TO ABOVE : I wrote the daily candle is finally bearish - I meant the 4 h candle.
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