Tuesday, December 11, 2012

AUDJPY Channel Short Trade

myfxvoyage.blogspot.com AUDJPY Channel Short Trade
Pair is consolidating in ascending channel on hourly charts. This channel is in place since 21-Nov and has restrained price action since then. 

200EMA is good support on dips and price is bouncing from it. 

I plan to go short on touch of upper trendline and long on touch of lower trendline. 

myfxvoyage.blogspot.com AUDJPY Daily Trendline

Break above the channel's upper trendline brings focus to daily trendline which comes in at 87.50. This trendline is in place since April-2011. Price has tested it once and has backed off then. 

I plan to short on touch of that trendline as well.

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