AUDJPY is testing the rising wedge resistance
AUDJPY is testing the rising wedge resistance 76. A break above 76.80 is required for the upside reversal and extension higher. For a downside reversal and higher probability short trade entries, we need to see a break below 73.30. AUDJPY reached 77 in a pullback from the latest swing down to 60. The overall long-term is a downtrend and a confirmed break below 73.30 will lead to an extended continuation lower.
Note – We are inclined to short trade entries with the stop loss above 76.60
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You can’t always respect strictly a stop loss some winners require a dynamic stop loss
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