Australian Yen Selling off the Pivot Line
Updated
I see AJ in a channel with a beautiful morningstar providing us with the upmove off the bottom of the channel We were preparing to take this long as it broke a pivot line at 81.84. The bullish structure did not set up so we were not in the trade long. Instead, we now a daily close in the formation of a dark cloud cover. I am looking for additional selling on this, possibly some sideways action and then a retest of the morning star below.
Trade active
I took one bounce off the pivot line and am looking for structure here for the second short.Trade active
First one off for break even. 40 pips so far.. Pull stop to break even. Thanks!!Trade active
Test the morning star. If you on from the pivot keep going.Trade closed: target reached
Support here from the last move north.. Take profit or remove partial. Yens could fall further but lots of support here at 80.48. This was a great trade.Trade closed manually
Look for sideways movement as yens may take a little breather this afternoon. Check asian session to see if bears continue the trend on yen selling for the next 24 hours.Trade active
Just a reminder of the current structure on AJ. Hence, I have had nothing except bull status for the last several weeks. I am getting a lot of private messages and yes, I do see the double top and will do a new chart on this prior to nonfarm tomorrow (April 1). If you are long and cannot ride this, just flatten or pull profit! Not a tough decision. I was looking for 87 and higher from more recent charts. Obviously we have not gotten there, but I think this chart illustrates why one should not panic and the potential for longs and shorts within structure. AJ is an easy pair to find support/resistance within structure and is the easiest of the yens to trade.
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