I have been waiting patiently for the AUDJPY to top, and break down from a rising channel structure. There is possibly a big SHORT setup in play. Due to the triangle formation in the B wave correction, I am under the impression that the rally on the AUDJPY is a final wave C corrective rally. This means a large corrective decline is on the cards.
AUDJPY 4 Hour Chart
AUDJPY 1 Hour Chart
Trade Setup: SELL market execution, current price 95.78, stop loss 96.78 and take profit target 91.15.
Stop loss: 100 pips
Take profit: 463 pips
We are looking to take this down in stages and will build into a short position.