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Audjpy-short

AUDJPY facing bearish pressure |26th Aug 2021Price is seen to be holding below the descending trendline resistance, this signifies a bearish momentum on AUDJPY .(On the weekly chart, the price is still holding within the descending channel .) Price is expected to move towards the take profit level in line with 38.2% Fibonacci retracement level, 78.6% and 100% Fibonacci extension . Our bearish bias is further supported by the stochastic indicator where the K% line has bounced off the resistance level and price is also seen to be holding below the 100 period MA. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
Short
by FXCM
AUD/JPY ShortIf the current consolidation just above 80.00 breaks down a quick move lower could occur. Establishing short positions within the current consolidation pattern is riskier then waiting for a breakdown but has a much higher risk reward ratio and ensures the move downwards will not be missed. The price action suggests quite few stop losses are placed just below 80.00. Should the price be pushed below 80.00 on a daily closing basis a significant and rapid move downwards could occur. *This is not a recommendation to buy or sell it is for educational purposes only* FX:AUDJPY
Short
by MarkE