AUDJPY: SHORT Idea breaking the RISING WEDGE
Updated
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TECHNICAL ANALYSIS:
Since the beginning of November, the price has been moving following an interesting rising wedge, getting many times a rejection on the dynamic resistance level of this chart pattern.
Once the price reached the resistance zone at about 78.850, it failed many attempts to break it, but at the end of December we got a clear breakout of that level and after a retest of the same zone, the price's grown more!
Few days ago the price reached an important resistance level and as we can see in this chart, it almost touched a weekly dynamic trendline's resistance line that rejected the price many times in the past.
CONCLUSION:
The AUDJPY is definitely in an interesting situation, it reached an important resistance level, it temporary broke the rising channel and the next price action will give us more details about the next movement.
IF THE PRICE will fall down inside the rising wedge, we should start looking for a sell position, it could be an interesting market's inversion!
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since the beginning of November, the price has been moving following an interesting rising wedge, getting many times a rejection on the dynamic resistance level of this chart pattern.
Once the price reached the resistance zone at about 78.850, it failed many attempts to break it, but at the end of December we got a clear breakout of that level and after a retest of the same zone, the price's grown more!
Few days ago the price reached an important resistance level and as we can see in this chart, it almost touched a weekly dynamic trendline's resistance line that rejected the price many times in the past.
CONCLUSION:
The AUDJPY is definitely in an interesting situation, it reached an important resistance level, it temporary broke the rising channel and the next price action will give us more details about the next movement.
IF THE PRICE will fall down inside the rising wedge, we should start looking for a sell position, it could be an interesting market's inversion!
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
Note
The price reached the main weekly resistance zone, once I'll confirm the pullback, I'll start planning a Short Position!
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