On this weekly chart, we are drawing Pitchfork channels on AUDJPY.
On the weekly AUDJPY chart, we can see that the pair is in the downtrend Pitchfork channel and is rejected by the uptrend line 88 level. We are seeing the swing down into the middle line of the first half of the channel 80.512 level. This level needs to be broken with a daily close for the downside continuation into the 74-76 zone.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. Look early next week first for a short trade entry with the SL above the 81.650 level targeting 81.500 and possibly releasing the trade further into the 77.450 in case of the daily close below 81.500 level.
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