AUDJPY being rejected by the strong upside resistance and downside support
AUDJPY is moving inside the Pitchfork downside channel and we are seeing a rejection from 73-74.6 zone of the downside support on a weekly chart. This zone should be broken for an upside reversal and a continuation higher into the channel top 76 level. A break below 70 level is required for the downside continuation into 60. You can notice that this is also the ellipse break.
On a daily chart, it is visible that this is giving us a short trading opportunity. You can place a short trade entry with a stop loss above the 73.500 level targeting 71.243 level and even trailing the profit further downside into 69.700 ARMAT trading system is indicating a potential 200 points of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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