AUDJPY is a pair I’ve been watching for a few weeks. Its upward momentum seems to be slowing down and looks like it might be a setup for a selloff. The past 7 weeks there has been a good uptrend after a sharp selloff.
The 50% retracement seems like a good level to sell below. However, it looked like either a head & shoulders might be forming or continued higher highs and higher lows. It might just be set up to blow past the 61,8 to the 200-day MA. That being said, I would only buy above the high of 30 April.
I will be attempting to upload a “Chart of the Day” 5 days a week. So any support and comments would be great. Let’s have a discussion.
Good eye! It looks like a pretty good set up. The EMA 25 on the MACD looks pretty steady.
But some pairs are starting to relax bit. I think waiting for the minor trend to turn bullish again could be good.
Did you open your long position already?
I’m still a novice, so i’m still figuring out my strategy.
I understand the major trend is bullish. Would you recommend jumping now, or waiting?
If you would wait, what would you wait for?
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I have not opened an order yet, however, I have a pending order open as a sell stop at “67,282”. My thinking is, if it breaks below that support line around “67,5” downward pressure would ensue. I also noticed it broke through the bullish channel yesterday, though today there is a large bullish candlestick. So I will just keep tracking this pair for now and possibly look at other pairs.
