AUDJPY is currently in a descending channel on the 4 hour timeframe. We had a fakeout to the upside before a closing pinbar beneath resistance which suggests price will continue to head south and back towards previous demand zones. However, price could also just be heading lower for a correction before taking another shot at breaking the descending channel, yet the more likely scenario based on the current PA would be a continuation downwards.
Trade active
Stop moved to BE. currently running at +55 pips profit
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.