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Audjpy-short

Strong Technical Resistance LevelAfter the increase in risk aversion after the Brexit vote, traders are slowly buying up currencies and equities whose prices became depressed during and right after this event. This buying spree creates an opportunity to short a market, as traders who bought early on after the initial drop start to close their positions and late-coming traders who who buy late are more easily shaken out of their positions. This, coupled with a significant technical level increases the chances for a short-term market reversal. Such a level is to be found @ 76.82 - 78.35. Both H4 200 period moving averages are coming together to sharply align with this level. This is definitely a level to watch after the market opening early next week.
Short
by Quinton.