MrVolcano
Short

AUDJPY - Pinbar reversal rejecting major trend line resistance

FX:AUDJPY   Australian Dollar / Japanese Yen
91 0 1
AUDJPY             is looking ripe for some downside. Price has reached the top of a multi-year channel and is showing signs of rejection. Last week an evening star formed followed by a brief sell off, but bulls managed to jump back in hoping for a continuation. To be honest, the evening star signal was a little bit too early anyway.

Today's pinbar looks justs about right and is also rejecting the upper bollinger band . I think price should hit 78.50, where bulls could step in, but it would be really nice to catch a much bigger move towards the channel lows.

AUD pairs are generally quite weak at the moment supporting this theory. AUDUSD             also looks due for a heavy breakout very soon.

Good luck.
Trade closed: stop reached
Comment: Gapped up over the weekend on news that the FBI would not be charging Clinton and stopped out.

Maybe SL could have been wider. Time will tell.
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