The smaller trendline is being tested

FX:AUDJPY   Australian Dollar/Japanese Yen
47 0 0
Hello traders,
I am back to update the situation with the AUD/JPY             . With JPY showing strength across the board yesterday, it did bring AUD down comfortably and it tested the upper border of the smaller trend channel within the larger channel. Interestingly, it is also the 38 support from the previous bull move. I expect the pair to continue moving down after some bit of consolidation around this area.
If you have already entered short at the break out into the channel around 99.90, it would be a good idea to move your stops closer, since a break out of the channel again will negate the short setup on the pair.
If you still dont hold a position, it would be a good idea to wait until the price takes out yesterday's low and breaks into the smaller channel.
I would suggest an entry around 98.50 with S/L above the high it would create today before going down again.
With the over all trend with all the pairs, this seems like a good pair with some nice momentum to trade.
Happy trading and happy pipping!
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