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AUD/JPY Potential Downward Movement

AUD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 81.551, 82.249, 83.1572.

Key Support Levels: 80.602, 78.910, 78.213.

Daily Time Frame:

The price on the higher time frame is in a clear downward movement where the market failed to move to the upside after posting a correction toward the 81.381 JPY mark. We have a bar with a long wick near this area showing that the sellers took control of the market.

AUD/JPY Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the price is posting impulse and correction formation showing that the market is trending clearly to the downside. Recently, the price managed to break the bearish flag formation to the downside. a higher correction could be seen to the lower end of this pattern before a new bearish impulsive wave toward the target profits.

Signal Idea:

Sell Limit Order @ 81.381

TP 1 @ 80.724

TP 2 @ 78.910

Stop Loss @ 81.612

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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