MarlyForex
Short

AUDJPY - [ SHORT ORDER ] DOUBLE/TRIPLE TOP

FX:AUDJPY   Australian Dollar / Japanese Yen
Display: FX:AUDJPY            

Description: As shown above we have FX:AUDJPY             . Currently this pair is
Bullish , Since breaking out of consolidation early March. So we have two scenrios present, On one hand a close above monthly Resistance 86.40 - 86.70 we would likely wait for a pull back to that zone then LONG to 88.000.

On the Monthly we have a Bullish Engulfing candle, Weekly also Bullish & on the Daily currently we have a spinning top which has bounced off the 200 EMA . failure to close above the 200 EMA will likely see price decline/retrace. At the current price we have double/triple top if we do not close above.

Im also aware price could breach Monthly Resistance again so we wouldn't be looking for a short on this pair until price crosses below the 10 20 EMA along with break below the Black ascending TL.

Using these indicator/s: [200 EMA ,20 EMA ,10 EMA] We can see the 200 is acting as magnetic resistance However below price on lower time frames! Higher time frames we have the 10 20 EMA heading North, On the 1HR less bullish .

Duration: Short Term

Decision: I will SHORT this pair on the break of the BLACK ASCENDING TL as it is holds significance.

Trade Setup:
Entry: 85.860
TP 1: 85.600
TP 2: 85.150
SL: 86.30 - 86.60

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.

Remember to always trade your stratergy... Happy Trading

Useful Information:

TREND: Bullish

INDICATORS: Moving average

ATTACHED CHART : YES
Display: AUDJPY Previous Short Post

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