Description: As shown above we have FX:AUDJPY . This pair is currently Bearish , On Friday we had some Bullish action however it is clear the Bears are in control. We have a rejection between the .382/.236 Daily Res, Similar to FX:CADJPY which are also both trading inside Ascending Triangle/Wedge continuation price will likely hold firmly below this level giving us a good short opportunity to violate the Lower TL/Trend/ then Weekly Support..
Indicators: Both EMA's are heading South The 50 acting as magnetic Resistance along with the 200 acting as the safer Resistance.
Duration: Long Term
Decision: I will short this pair on The open on the market with confirmation.
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out. Your also welcome to post you analysis below.
Remember to always trade your stratergy... Happy Trading
Comments
ShaneIce
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Hi, did you consider today's BOJ governer's speech in your analysis? I'm quite nervous because I've entered position according to your analysis. Newbie I am :p
MarlyForex
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Hello, Thanks for following this setup I did not include BOJ as I don't consider the news/speculation I base my trades on technicals and what I can see visually news does have an influence but does not always change the course (direction) if in doubt use the safer stop loss or send me a P.M. Good Luck!
ShaneIce
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Hi Marly, thanks for your reply. My position is at 81.80 but it's heading up. Any chance for it to come down as I've to manually close my position if at all it goes in the opposite direction. May be by today or tomorrow at least to the level of your TP1? Please advise. Thanks
MarlyForex
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i wouldn't panic just yet, A break of daily resistance is when we would look to re - analyse or close shorts etc