Due to indecision among traders on the risk sentiment in the markets, AUD (risk currency) fluctuates against JPY (safe haven currency) between levels of support and resistance around 85 and 82.50 levels respectively.
The technical strategy to use on AUDJPY during this period is buy the lows, sell the highs with stops just above the resistance levels in short trades, and just below the support levels in long trades.
The technical strategy to use on AUDJPY during this period is buy the lows, sell the highs with stops just above the resistance levels in short trades, and just below the support levels in long trades.
Trade closed: stop reached
The pair broke below the support levels and hit out stops. It is now trading below its equilibrium along with its 200EMA on H4 Timeframe. Reverse strategy could now be used to short for a new directional move to the downside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.