Short term
/
Sell
Trade view / 07 July 2017 at 7:42 GMT

Bearish formations highlight a top in place for AUDJPY

Analyst / PIA First
United Kingdom
Instrument: AUDJPY
Price target: 84.35
Market price: 86.35
Background

We are really struggling do find a good medium-term setup in any of the majors this morning. One cross that has potential is AUDJPY, especially if we get a bad number today on the nonfarm payrolls (AUDJPY tends to track stocks) . 

It is always high-risk into the figures, but this trade offers very good risk and reward. 

Monthly: Looks to be in a corrective channel formation. We have a congestion zone at 90.00-85.00. The Marabuzo level from June is seen at 84.32 and should act as immediate support (important).

AUDJPY M
Source: Saxo Bank 

Daily: We looked to have formed a bearish Gartley pattern at the Fibonacci confluence area (161.8% extension at 86.24 and 78.6% pullback at 86.72). The bearish outside day from Tuesday still holds and also offers a negative bias. 

AUDJPY D
Source: Saxo Bank

Intraday (60 minutes): We have a potential head-and-shoulders pattern. Although a break of the neckline (at 85.65) is needed to confirm the formation, with a Demark 13 (exhaustion) on the intraday chart, I am happy to take a short trade. Demark would suggest a tight stop at 86.50. This is just above the 61.8% level and potential rights holder. I prefer to give the call a little more room to breathe. 

AUDJPY 60
Source: Saxo Bank

The measured move target is 84.33 lining up perfectly with last month’s Marabuzo. 

Parameters

Entry: short at 86.34.

Stop: 86.69 ( a move through 85.65 and stop goes to entry).

Target: 84.35 .

Time horizon: short-term.

— Edited by Michael McKenna

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2y
h.alfayyad h.alfayyad
Are we in Boss?
2y
Jazzy Jazzy
hmm when i look at the signals...
2y
Jazzy Jazzy
And these..
2y
Andrew Perkins Andrew Perkins
heat has gone to me head , is the data good for this trade EURJPY
2y
h.alfayyad h.alfayyad
Are we on the right track for our trade AUD/JPY Ian?
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
;little movement anywhere as yet
2y
h.alfayyad h.alfayyad
Thanks :)
2y
Andrew Perkins Andrew Perkins
taking in the data then we shoul dget some movment dont forget the G20
2y
h.alfayyad h.alfayyad
Did we reach 86.69 or not yet?
2y
seas seas
Remember, a pint a day keeps the Dr. away. Skoal to you Ian. Have a good weekend!
2y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
lol.. and you seas ... good weekend
2y
Andrew Perkins Andrew Perkins
Have a good weekend mate speak Monday
2y
seas seas
Wimbledon!

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