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AlphaTradingStation
Jan 9, 2023 11:57 AM

AUDJPY 6h short Short

FOREXCOM:AUDJPY360
Australian Dollar / Japanese YenFOREX.com

Description

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Dear friends, Welcome to another analysis. Here I'd like to short my AUDJPY pairs. Currently the price is travelling in a downtrend. Price is in the verge of a breakout. But the down trendline is very strong. Chances of breakout failure is high. Now all the AUD currency is at the resistance. So, the price is likely to fall further after the US market opens. If you look at this chart the price has a strong resistance to retest to go to the downside. Price is constantly testing the down trendline on the upside but unable to break it. So, it is likely to fall further. 1:2 RR is more than enough for a profitable trade. But more than 1:2 can be expected. Till 88.470 there is no support. Price has formed the double bottom at the end of the down trendline. A little bit of chance that this double bottom can hold this down trend fall. Currently there is a normal buying pressure. So, sellers can open their short position. Look at the chart attached for a better clarity. Avoid buying in breakout as there is a resistance. So, buyers can be trapped easily. But it is wise to follow your risk management before taking entry. I love to share my ideas. Feel free to revise the text and provide feedback. It makes it so personal and improve us in better ways. Thanks & Regards, Alpha Trading Station Disclaimer: This view is for educational purpose only & any stock mentioned here should not be taken as a trading/investing advice. We may or may not have position in the stocks mentioned here. Please consult your financial advisor before investing. Because Price is the "King of Market".

Comment

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Price near to the target as expected

Trade closed manually

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This trade has been closed manually as it was near to my profit target.
Trend AnalysisAUDJPYaudjpyshortaudjpyanalysisaudjpysellaudjpyideaaudjpydailyaudjpyforecastaudjpysignalaudjpybreakout
Comments
JoeChampion
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Do you think JPY will recover?
AlphaTradingStation
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@JoeChampion, Yes Joe
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