AUDJPY short and Retest of recent All time highs

I have been monitoring this pair for some time now and noticed that it is coming into some interesting territory.

We can see this pair testing recent all time highs and showing massive rejection in the form of a long wick rejection candle. I would've liked to see the body of the rejection candle close bearish in favour of the signal but we can still see some value in this trade idea.

I have not taken this trade but if i was, i would go for my retracement entry with stoploss at the top of the candle wick.

My targets would be towards the bottome of the recent structure which would see a healthy 1:3 risk to reward on this trade.

Best of luck on the charts !!

Trade closed: target reached:

AUDJPY Melts into Target!!!! . I set this trade up on Sunday 10pm UK time as the markets opened and now I have just hit Profit target by 3:30pm on a Tuesday afternoon. Not bad at all. This is why swing trading is the most effective and profitable way of trading.

I risked 10% of my account with this trade and banked in a massive 49.5% on this setup.

We can see that this market has rejectied lower prices now and after a massive wick and is in a local range support level now.

Well done to anyone who took a simialr setup and saw reward.