This is a quick update on the Short Position we had on AUDJPY. Price took long to break out of the trading range below the Momentum low of 73.79. We finally had this break this morning. In order for further decline to be seen in the AUDJPY, price must remain below the momentum low and break 73.42 Low. Alternatively a break back above the 73.79 will trigger a rally back towards the 74.50. This is a continuation trade and more room is seen towards 72.40. ***We Are still Targetting 72.30***
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Downtrend Resumes and this is now confirmed! Stay short.