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Audjpysell

AUDJPY: Approaching a key level of resistance on the Daily ChartGREETINGS So the AUDJPY has been rallying from about 30 October 2020 from a low of about 73.250to the current 77.930 where we currently are. What is interesting about this pair is the level that we are now reaching. As depicted on the chart above a couple of things are now taking place, and i will clearly write them down in point form as become the style of my writing. 1. We have an ascending wedge (depicted in orange, for the benefit of newbies out there), that started from 30 October. Over the past couple of days the price continues to rise at a decreasing rate as compared to previous days, signifying a slow down in bullish momentum. 2. The ascending wedge pattern is also confirms the ever shrinking distance from point "A" to "B" to "C" to "D" signifying a potential downside break at point "D" which is also our Area of Key resistance. 3. The approaching area of key resistance which was formed around 1 Sept 2020 at price level 78.200ish is the level to watch out for. If price reaches this area we expect to retrace downwards. if we break beyond this point then we can expect take the hit and place a buy order instead. 4. Volumes show that bulls were pushing the market from around 27 November and peaked around 4 November, after that they are now decreasing at an increasing rate spelling the introduction of the bears. 5. The upcoming economic data out of Japan on the 10 December 2020 will definitely bring about some volatility and that could be the catalyst to our break to the downside. TECHNICAL INDICATORS The RSI and Stochastic are currently "neutral", but are fast approaching the "overbought region" All Moving averages are screaming "buy", but this will be short-lived in a few days. Fibonacci pivots are all in the late 70's CONCLUSION This pair is poised for a nice reversal around the 78.200ish area. a sell limit order should be placed, with a profit target of 76.450 and possibly even further down to 74.350 Secondly there is the correlation aspect to this pair. The AUDSGD, AUDUSD and the NZDJPY are all very positively correlated so the moment the above analysis is confirmed a Sell Stop order can be placed anywhere on those above pairs and ride the elevator of profits going down as well (given these pairs do not react to other news events). On the converse side the USDPLN is negatively correlated thus bringing in hedging potential to this trade Takunda Mudenge is a market analyst based in Zimbabwe, Africa. The above should not be construed, assumed or viewed as investment advise, but rather for educational and entertainment purposes only. For investment advise please approach a qualified professional.
Short
by takundamudenge
4
AUDJPY downtrend Support and Resistance levels It continues as it recently rebounded of the support of June 2016 and january 2019 and also the resistance of january 2020. TRENDLINE It also did touch the trendline of november 2014, november 2017 and did touch it again after the same 3 years difference in november 2020. Head and shoulder pattern we can see it at the resistance of november/december 2019 and november 2020 according to the monthly timeframe. GOLD BOXES ARE TP AREAS FOR DAILY SWING TRADERS These are all proof that the chance of following the downtrend big is. .... Im not a pro trader btw.
Short
by Dion-FX
AUD/JPY ANALYSIS 📉👋 Hello and welcome traders to another trade idea with Fobian ☝️ Firstly, if you like what you see, please support our work by writing a comment and SMASH that like button! 👍 Let's catch these moves together! ✅ 👉 WE are waiting for conformation: - RSI is give us signal for SELL. - EMA's give us SELL signal. - We are waiting candle to test this zone and go down. 💡 Why should you follow our profile on TradingView? Consistent chart updates Clean charts Short and long-term perspectives Visually teaches you valuable lessons High probability setups Analysis on a wide range of major markets SMASH that follow button! 👍 💡 Leave a comment and/or message us on how we can improve and provide better content, we are open to suggestions to create a better experience for you! Keep in mind that the analysis provided is not 100% accurate and that you can never be certain with the markets. This information given is not financial advice, always do your own research.
Short
by TBFinan