Here on the AUDJPY
we can see a highly confluent area to take this pair lower, however it is not confirmed and I'll be monitoring these key levels for deceleration and price action to warrant a short position! Jus tone to keep your eyes peeled for.
Reasons to go short:
- 50/200 EMAs could crossover to the downside
- Market making Lower Highs and Lower Lows
- Fibonacci retracement
level 61.8 could provide a sell signal
- Price trading within this descending channel
Higher time frame rules all and we just have to patient.