Monday, November 5, 2012

AUDJPY Channel Trade AUDJPY Channel Trade
Pair AUDJPY is making out a rising channel on 4h charts. 

On Friday it bounced right from the channel's upper trendline. But due to high risk event, I refrained from trading. 100EMA is just near to lower trendline and 200EMA is below 200EMA. 

On daily charts, pair looks a bit over brought. Currently my strategy is to short any spikes towards the channel's upper trendline for a possible move towards lower trendline.

The pair may come straight down given the risk-off trading on Friday. In such a case, I will be on sidelines and looking for further opportunities.

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