Audjpy-short
AUDJPY - Short - Great R-RGreat R-R
PROS:
-RSI overbought
-Double top
-HUGE resistance on daily and weekly
-Great RR
-Long run trend line
CONS:
-We broken the daily 200MA. However, its happened in the past and AJ has fallen right back through it. So this con is really a 50/50 one. Still may be dangerous.
Safe and successful trading!
AUD.JPY - BEARISH CYPHER SETUP - 77.809On the AUD.JPY 1hr chart we have a potential short opportunity's at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 77.809 & 78.168
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 76.710
Stop loss would be placed above X leg structure resistance.
Target 1 - 77.317
Target 2 - 77.003