AUDJPY Selling Opportunity Setup
Sticking with the intraday price action on AUDJPY again, we have seen another trading opportunity set up at the 75.00 big figure level.
AUDJPY in general, love the big figure levels, so when we see price reject at these round numbers we want to focus in on the price action on the lower time frames to see what other pieces of information can help us make a more informed trading decision.
When we go down to the 5 Minute chart we can see more clearly how a smaller head & shoulder pattern completes right at the 75.00 level. With this information, although on a lower time frame can help you see more accuracy in the price action while also helping you find a better and more precise level to enter.
Managing your trade becomes easier in this situation because you don't have to place your stop loss too far above the pattern high and 75.00 level.
AUDJPY in general, love the big figure levels, so when we see price reject at these round numbers we want to focus in on the price action on the lower time frames to see what other pieces of information can help us make a more informed trading decision.
When we go down to the 5 Minute chart we can see more clearly how a smaller head & shoulder pattern completes right at the 75.00 level. With this information, although on a lower time frame can help you see more accuracy in the price action while also helping you find a better and more precise level to enter.
Managing your trade becomes easier in this situation because you don't have to place your stop loss too far above the pattern high and 75.00 level.