Topside wicks, sagging momentum suggests AUD/JPY break may stick
AUD/JPY looks primed for downside.
The price has broken the uptrend it's been sitting in since late September. RSI (14) is trending lower with the bearish signal confirmed by MACD. And one look at the topside wicks above 101.00 suggests sellers are lurking and unwilling to budge.
If the price manages to close beneath the uptrend, you could sell with a stop above for protection. To make the trade stack up from a risk-reward perspective, the 50-day moving average or 98.04 are potential targets.
Good luck!
DS
The price has broken the uptrend it's been sitting in since late September. RSI (14) is trending lower with the bearish signal confirmed by MACD. And one look at the topside wicks above 101.00 suggests sellers are lurking and unwilling to budge.
If the price manages to close beneath the uptrend, you could sell with a stop above for protection. To make the trade stack up from a risk-reward perspective, the 50-day moving average or 98.04 are potential targets.
Good luck!
DS
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