ChinSengFx
Short

AUDJPY WEEKLY ANALYSIS! Daily Chart (SHORT)

FOREXCOM:AUDJPY   Australian Dollar / Japanese Yen
Good day traders, hope you all have a pleasant weekend ahead. Weekend has always been the best day to do self reflect in our trades throughout the week, as well as to have weekly analysis to ready for the week ahead!

For AUDJPY , from daily perspective, bull has been exhausted and bear has dominating the price at the moment. Price has formed a clean lower high and next it would formed a lower low. To have a good risk reward entry, two possible entries are listed as below:

1. Patiently wait for the price to break below 72.5 and a retest. Then, set a sell limit at 72.5.
Entry price: 72.5 (Sell limit)
SL: 73.855
TP1: 71.62
TP2: 70.20

2. Once price has broke 72.50, set a sell stop at 72.35.
Entry price: 72.35 (Sell stop)
TP1: 71.62
TP2: 70.20

Always go for a clear trading strategy and enter trade with good risk management. It's always you versus yourself instead of you versus the market.

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