AUD/JPY short term pullback play

6 mai 2018

After the latest monthly close, we now have 2 months of deceleration around the key support zone of 80-82.0 with a potential daily head and shoulder pattern forming the right shoulder at the close of last week. Although this pair could go a lot higher in the long run, the safest bet would be to play this up to the weekly 50ema and previous key support/resistance at 84-84.5. This is because of the strong monthly momentum we had back in February this year breaking a 2 year trendline to the downside and this could just be the first lower low. Personally I am waiting for the 4hr chart to break the channel and the 50ema before pulling the trigger and taking the first higher low.

21 mai 2018

Note

Analysis worked out nicely. Unfortunately none of my strategies caught this move.