Hi guys.
AUD JPY has just broken below structure and now presents some great swing trading opportunities that are very obvious on the chart.
The circle that I have highlighted could prove to be a great sell entry as it is confluence of downward resistance trendline (red trendlines), upward support trendline that was broken and highly likely will also act as resistance and horizontal resistance zone (blue lines. The falling 50 day moving average may end up around the same area for even extra confluence of resistance.
The above averege red volume bars are a sign of institutional selling or intervention from Japan ... either way AUD JPY is now in a strong downtrend and the circled zone could be a hugely profitable trade Stop loss few pips above swing high on 4hr before the break of structure (around 92.18) take profit just above support zone (green lines).
Longs canbe entered in the green zone.. which could see a strong support bounce as it is a untested area after break of structure that started the big move up in March this year. a further move down is possible after the support bounce but the charts will show that as it happens.
This is just my opinionand not trading advice.
Use proper risk management on all trades and take partial profits on all trades.
AUD JPY has just broken below structure and now presents some great swing trading opportunities that are very obvious on the chart.
The circle that I have highlighted could prove to be a great sell entry as it is confluence of downward resistance trendline (red trendlines), upward support trendline that was broken and highly likely will also act as resistance and horizontal resistance zone (blue lines. The falling 50 day moving average may end up around the same area for even extra confluence of resistance.
The above averege red volume bars are a sign of institutional selling or intervention from Japan ... either way AUD JPY is now in a strong downtrend and the circled zone could be a hugely profitable trade Stop loss few pips above swing high on 4hr before the break of structure (around 92.18) take profit just above support zone (green lines).
Longs canbe entered in the green zone.. which could see a strong support bounce as it is a untested area after break of structure that started the big move up in March this year. a further move down is possible after the support bounce but the charts will show that as it happens.
This is just my opinionand not trading advice.
Use proper risk management on all trades and take partial profits on all trades.