AUDJPY Potential Short

FX:AUDJPY   Australian Dollar / Japanese Yen
63 0
Hi, because it is Friday I will not be placing any trades but I do see a potential setup on the AUDJPY pair. The pair has been in an descending channel for quite some time and is forming a pin bar on the daily chart rejecting the upper trend line and also the 4 hour chart printed an engulfing candle. Also I do not use indicators often but they do provide some use sometimes and here we see price hitting the upper Bollinger Band and also Stochastics is in oversold territory. For next week I will keep an eye and if price breaks that support level it is now testing I will be going short keeping my stop loss tight at about 50 pips but this looks like a very good trade with about a 1:5 risk reward. Again going check up on it on Monday because it has been a weird week in the markets so I'm done trading for the week. Thanks for reading!
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