AUD/JPY short term pullback play

FX_IDC:AUDJPY   Australian Dollar / Japanese Yen
After the latest monthly close, we now have 2 months of deceleration around the key support zone of 80-82.0 with a potential daily head and shoulder pattern forming the right shoulder at the close of last week. Although this pair could go a lot higher in the long run, the safest bet would be to play this up to the weekly 50ema and previous key support/resistance at 84-84.5. This is because of the strong monthly momentum we had back in February this year breaking a 2 year trendline to the downside and this could just be the first lower low. Personally I am waiting for the 4hr chart to break the channel and the 50ema before pulling the trigger and taking the first higher low.
Comment: Analysis worked out nicely. Unfortunately none of my strategies caught this move.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out