Rejection from resistance on W and drop from the channel on 1h Short

Australian Dollar/Japanese YenFXCM

Description

⋅ Feb 19, 2021 12:47 AM

- When it drops from 1h bullish channel I will sell it
- First TP 38.2% fib and move SL to B/E
- Second TP 61.8% fib
- Third TP 78.6% fib
- Reason for weakness is coming emerging market weakness and AUDJPY is highly correlated to emerging market

Weekly Channel Resistance

Emerging Market chart

Comments

LuminousSenobite

⋅ Feb 19, 2021 1:17 AM

This is actually not a bad play, great stop placement, and good target.