Good afternoon team,
I am watching a couple of pairs and the AUDJPY is the first one on the list to execute. Looking across the majority of indices, they appear to be ready for a move to the downside. This will result in an increased demand for the JPY, and generally speaking the AUD becomes vulnerable due to the risk off sentiment. The AUDJPY is just breaking down from the rising channel structure which indicates a change in trend.
AUDJPY – 4 Hour Chart
Trade Setup: SELL market execution, current price 82.69, stop loss 83.69 and take profit target 80.26.
Stop loss: 100 pips
Take profit: 243 pips