Description: As shown above we have FX:AUDJPY . Currently this pair is
, 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 candle, Weekly also & on the Daily currently we have a which has bounced off the 200 . failure to close above the 200 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 along with break below the Black ascending TL.
Using these indicator/s: [200 ,20 ,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 heading North, On the 1HR less .
Duration: Short Term
Decision: I will SHORT this pair on the break of the BLACK ASCENDING TL as it is holds significance.
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.
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Remember to always trade your stratergy... Happy Trading
INDICATORS: Moving average
ATTACHED CHART : YES