AUDJPY SHORT2017-05-03:
Price action currently siting around 38.2 pullback. Having broken the previous structure low and closed below, and put in a previous double top, this price action has broken the SMA50 and is heading south. RSI and Stochastic are oversold or close to oversold, suggesting a short term retracement is close by.
Assuming continuation of Bearish move, the next target should be 83.515 at previous structure Resistance. A move of around 29 pips.
Audjpy-short
AUDJPY - A simple breakoutSell on the lower-low lower-close bar after a retest of the trendline. As usual : broke out of the pattern, wait for a retest of the resistance, and sell it off. RSI is kind of low so I'm waiting for the moment. It might also bounce of the 200SMA.
*SL, Entry and TP might not be the one I'll use*
Trade safely!
AUD/JPY Expanded flat? Running flat? Breaking down structure Hmmm as I progress understanding of wave theory, I like to look at the charts differently and expect the unexpected. This to me appears as a "expanded flat" I've quit trading the animals because Ive realized the importance of wave structure! Have a great weekend!