A Great Technical Pattern Facing Heavy Event Risk

FX:AUDJPY   Australian Dollar / Japanese Yen
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For those that pay no mind to fundamentals, AUDJPY             was making a classical technical move by retesting a former support (a six-and-a-half-year long trendline support) as new resistance. This is frequently a pattern that projects follow through on a new trend should that level hold. The probabilities looked good from a technical perspective, but for those following the fundamentals, the risk was exceptional with Chinese 2Q GDP deciding whether it is a follow through or false break/reversal outcome.
and today we have also engulfing with red right candlestick.. really strong technical signal to go short.
+1 Reply
Very nice chart. If AJ continues to fall, what level do you see it bottoming?
+1 Reply
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