AUDJPY has a lot of shorting potential at the moment, however any position we are going to take needs to be confirmed due to the subjectivity of the trades on offer - meaning I am expecting an overall selling direction but there are more than a couple of things price can do first which can be seen on the chart.
Sell any breakout as and when it occurs - this is not my ideal setup but one I would like to get into IF it occurs before our other, more idealistic setups which I am going to mention now:
My ideal setup consists of either getting in short at the red resistance level or, preferably, at the higher trend line at sell zone 2. The latter of the 2 will give us more confidence that price wont continue up any further allowing for tighter stops and better RR = more profitability.
We will be expecting a breakout of this downtrend in the future (we have a lot of divergence on the daily to suggest this is the case) just like on other JPY pairs however we will not be looking for this long set up yet.
As usual, take trades only after confirmation & good luck!
Sell any breakout as and when it occurs - this is not my ideal setup but one I would like to get into IF it occurs before our other, more idealistic setups which I am going to mention now:
My ideal setup consists of either getting in short at the red resistance level or, preferably, at the higher trend line at sell zone 2. The latter of the 2 will give us more confidence that price wont continue up any further allowing for tighter stops and better RR = more profitability.
We will be expecting a breakout of this downtrend in the future (we have a lot of divergence on the daily to suggest this is the case) just like on other JPY pairs however we will not be looking for this long set up yet.
As usual, take trades only after confirmation & good luck!
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Consolidating price action, short still on.