iskfx
Short

Potential break of AUDJPY's rising wedge

OANDA:AUDJPY   Australian Dollar / Japanese Yen
FX:AUDJPY            

Another rising wedge spotted in another AUD pair.

Price behaviors noted:
1) respected the upper limit of the rising wedge with minimally 3 decent touches
2) respect for the lower limit apparent as well, taking into account prices since mid-2016 till date (beg-2018)
3) since mid-2017, a horizontal resistance took over the rising upper limit of the wedge

reasons to consider the short:
1) excellent risk/reward ratio of around 1.6, far superior to AUDCHF             with about 1.2.
2) placement of stop-loss above the 61.8% retracement of the bearish move, and structure resistance - making the stop-loss unlikely to be hit
3) general bearish direction since end-2015, riding on medium term trend
4) Exploits price range of 72.3 - 89.0. Historically, prices falls after bouncing off the $89 mark with vigor - mostly till around $75 minimally (an excellent price area to take some profit)

*This is my first few attempts to contribute to the tradingview community. All suggestions/feedback welcome!

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