AUD/JPY - STILL CONSOLIDATING BEFORE ONE MORE LEG DOWNAs indicated on the chart we can see that there has been a strong impulse from the 90.xx levels down to the 87.xx and as we speak the pair is still consolidating and forming a flag formation. Flags as we know are continuation patterns therefore I expect some more downside, at least one more leg down to the 86.xx levels.
My personal details:
Short @ E: 88.70, SL: 89.40, TP: 86.00, RR: 3.86
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
