FX:AUDJPY   Australian Dollar / Japanese Yen
28 2 1
Down trend with price breakout
snapshot


Just a thought; how about this? When the price moved up with the last leg, buyers took control. Now the price pulled back to 61.8 fib. So i would say buy.
Also AUD is stronger than JPY....
Reply
Hi bas70seven, you are absolutely right! You are looking at the reversal point of view. For myself, i am a trend trader. AUDJPY is currently showing me a strong down trend, aligned with 2 MAs. So, i prefer to only take short positions. And the price broke the trend line last week.
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