AUD/JPY Short Opportunity

AUD/JPY 4hr




I have never traded the AUD/JPY but I see a good opportunity in the pair so I'm going to roll the dice. Notice on the above 4hr chart the pair has traced out a nice completed 5 wave impulsive decline. Then the ensuing rally is retraced a fibonacci 50% of the preceding 5 wave decline. After topping at that 50% level, I see another nice clean 5 wave drop. We are currently correcting that recent 5 wave drop so I see a good opportunity to get short. Let's get a closer up look:


AUD/JPY 1hr




When we zoom in on the hourly chart we can see a possible topping formation here. We see a rolling over effect combined with what could be a head and shoulders topping structure combined with hourly reversal candle.

I currently have a full short position with half of the position's stop at 80.90 and the other half to stop out at 82.90.


PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.