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AUDJPY: Shorts to 72.750?


4hr Time Frame: Reading price action we can see AUDJPY created a double bottom at 75.000 key resistance and had a huge reaction. Price then managed to break the trend line and 74.500 key support. With such a swift shift in momentum we can anticipate bears pushing this down further. If price either pulls back to 74.500 for entries or stays below 74.250 key quarterly resistance, then look to short this down to 73.500 and then 72.750. However, if price violates 74.500, it is wise to reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended.


 

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