1/13/2020 AUDJPY Another Forex Trading Snack.
AUDJPY on my weekly chart it shows an interesting point in price action. Sitting just below a multi year trend line ( a trend line going back to 2018 ) this down slopping pink trend line should provide a cap in price. Usually price action taking a crack at a multi year line doesn’t break through on the first try.
My bias is to set up shorts at or around the 77.00 however price is stalling at the 76.00 currently. Moving down to the 4H chart
I can see a short term range setting up between the top 76.00 and the bottom 75.40-50 as the zones to break for who may take short term control between the buyers or sellers.
Short term or longer term trades have some planing to do. My bias is still on the longer side of things and have placed short orders at and around 77.00 stops just above that. For me that a good well defined risk zone. For you all... well you can decide for yourselves.
Remember Forex trading is the hardest easy money you’ll ever make! Plan your trades and trade your plans accordingly to your risk comfort zone.
All the best in your trades.
