AUDJPY - SELL - 8th March 2022




AUDJPY - SELL - 8th March 2022 (Closed)


Good afternoon team,

 

There has been a technical breakdown on the AUDJPY from a rising channel structure indicating a change in trend.

Fundamentally, tensions are continuing to rise in Europe. Russia’s top energy official threatened to cut off natural gas flows via the Nord Stream 1 pipeline, as Europe drew up plans to limit its reliance on Russian energy, while the U.S. edged closer to banning oil imports. Fresh talks Monday between Ukrainian and Russian officials made only limited progress on negotiating a cease-fire. With the breakdown on the AUDJPY there is a chance of a corrective decline at least due to the safe-haven appeal of the JPY. The EURAUD and GBPAUD are also appearing to set up technical structures that favour a move against the AUD.

GBPAUD – At a major weekly support level

EURAUD – Daily doji candle after a breakdown from support, there is a chance of a “return to the scene of the crime” scenario.

AUDJPY – 1 Hour Chart

Trade Setup: SELL AUDJPY – Market execution, current price 84.46, stop loss 85.44 and take profit targets 83.11 and 82.00

Stop loss: 98 pips

Take profit: 135-246 pips

Trade Setup
SELL - Market Execution

Entry
84.467

Take Profit
83.11-82.00

Stop Loss
85.44