Afternoon team, we are looking to execute an initial position from this level and close the pending order placed yesterday. Please update your positions.

Trade setup: Sell market execution, current price 134.65, stop loss 135.60 and take profit target 131.35

Stop loss: 95 pips

Take profit: 330 pips

Evening team,

 

The AUDJPY has continued to slide to the downside, it will take a corrective bounce higher soon, this is when we will reload for the next large leg lower. For the time being, I am looking to position on the USDJPY for a breakdown trade.

There is a head and shoulders formation in play at a major weekly resistance zone. There has also been a breakdown from a rising trend line support, followed by a bear flag structure.

USDJPY Weekly Chart

USDJPY 1 Hour Chart

Trade Setup: SELL STOP – Entry price 134.02, stop loss 134.92 and take profit target 131.28

Stop loss: 90 pips

Take profit: 274 pips