I've taken a SHORT position on AUDJPY - here are the reasons why;
1) After a failed trade this week, price has clearly broke trend and then respected the retest, putting confidence on my BEARISH bias.
2) Chart is forming a possible head and shoulders pattern, it's looking like we are currently forming the right shoulder, which indicates a move to the downside.
3) TP placed at most recent demand zone level, I can't see us breaking this level without big news, seems to be pretty strong and well respected.
4) Strong recent BEAR candles show that sellers are putting the pressure on.
Let's see how this one plays out!
1) After a failed trade this week, price has clearly broke trend and then respected the retest, putting confidence on my BEARISH bias.
2) Chart is forming a possible head and shoulders pattern, it's looking like we are currently forming the right shoulder, which indicates a move to the downside.
3) TP placed at most recent demand zone level, I can't see us breaking this level without big news, seems to be pretty strong and well respected.
4) Strong recent BEAR candles show that sellers are putting the pressure on.
Let's see how this one plays out!