Possible trade for AUDJPY

When we look at the chart we can see that there is an upper wedge that is being tested. Once it does breakout of it I think that the price will retrace to the wedge. When this happens we can go long on it. We do have to keep in mind that there is also a lower wedge in play. So when the price retraces we have to look out that it does not go back down to much because when that happens it could be that it does the reversal of what I think and that it goes under the lower wedge, retests the lower wedge and drop even further.

If you like what the idea please leave a like and a comment.

Important: This is just an idea that I have. I am not telling you to buy/sell anything. What you do with the information that I give you is totally up to you.

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