AUD/JPY is at resistance

AUD/JPY is at resistance

Trade ideas

SELL 72.40; TP1 72.28; TP2 71.95; SL 72.55

BUY 72.85; TP 73.30; SL 72.70

AUD/JPY has reached the resistance line which is going down from September highs. The 100-period MA on the H4 chart is about to get below the 200-period one. Both lines limit the price action on the upside, around 72.70. The pattern on the H1 looks like “Spike and Ledge”: the break of the ledge’s lower border at 72.40 will bring the price down to 72.28 and 71.95. The switch to buying will be possible at 72/85, above the resistance line and the recent high. In this case, the target will be at 73.30 (previous resistance area).

AUDJPY H1.png

Similar

How to trade EUR/GBP?

The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.

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