Day trade
Trade view / 24 May 2016 at 5:56 GMT

AUDJPY trend break signals test of longstanding lows

partner and technical analyst / 3 c analysis
United Kingdom

Sellers returned to the market on Monday, with sentiment deteriorating by 1 Big Fig on the day. Lows in each of the last two weeks are being tested as a daily bull trend has broken overnight in Asia.

Bears may be cautious with the cross trading close to three and a half year lows, but signals are pointing to a test of this multi-year base.

Management and risk description

Allow room to sell an intraday rally. Lower stop to entry if the first target is met.


Entry: Market and ¥79.23, Monday's Marabuzo line.

Stop: ¥79.77, yesterday's high.

Target: ¥77.39, February's over 3 1/2 year base and ¥76.50.

Time horizon:
Today only.

AUDJPY Weekly - lower highs
AUDJPY Monthly - 3.5 year lows
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— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more


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