joshdonoghoe
Long

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.

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