AUDJPY: A Broken Bearish Flag Confirms Further Downtrend
Updated
-INTRODUCTION-
After reaching a new low at the 87.50 level last week, AUDJPY retraced and retested the 91.10 resistance level. The price tested 91.10 level twice before dropping down to break the bearish flag channel. As we forecasted in our previous AUDJPY analysis, we expected a bearish trend continuation after a retracement and that price could retest the previous low at 87.50 level.
-TRADING PLAN-
In the chart, we can see a clear bearish impulse breaking the bearish flag channel. This is a good sign, indicating the bear has gained control. Our plan is to enter sell positions after a retest of the broken neckline area.
Sell limit: 90.300
1st target: 87.57
2nd target: Will let it run
SL: 92.00
1:1.5 risk to reward ratio
1% risk
If the price failed to retrace and reach our sell limit order, then no trade will be taken.
We will come back with more good setups :)
Check out our recent trading ideas below :)
After reaching a new low at the 87.50 level last week, AUDJPY retraced and retested the 91.10 resistance level. The price tested 91.10 level twice before dropping down to break the bearish flag channel. As we forecasted in our previous AUDJPY analysis, we expected a bearish trend continuation after a retracement and that price could retest the previous low at 87.50 level.
-TRADING PLAN-
In the chart, we can see a clear bearish impulse breaking the bearish flag channel. This is a good sign, indicating the bear has gained control. Our plan is to enter sell positions after a retest of the broken neckline area.
Sell limit: 90.300
1st target: 87.57
2nd target: Will let it run
SL: 92.00
1:1.5 risk to reward ratio
1% risk
If the price failed to retrace and reach our sell limit order, then no trade will be taken.
We will come back with more good setups :)
Check out our recent trading ideas below :)
Trade active
The sell limit order was triggered this morning. First swing target is set at 87.57
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