Measured move for a possible sell on AUDJPY.
AUDJPY is showing a possible M pattern on the 1 hour chart. In the analysis once we break the targeted level I expect price to continue down to the origin of the initial leg of the M pattern. Price normally retests the area where the impulse leg started and by the looks of the chart once we continue beyond my s/r level and close below it there will be a very high probability of completing the M Pattern. I have set the stop loss at a good distance giving a one to one r/r but honestly you can set the stop loss even tighter at the last high which is seen in the analysis highlighted by the yellow box to siginify supply/demand area where price most likely will reject if it comes to the area. Happy Trading Guys and always exercise proper risk management 1 - 2% per trade.
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