Friday, October 19, 2012

AUDJPY Short Trade Idea

On bigger timeframe, daily chart, price is restrained by a descending trendline. This trendline is holding up since midof AUg-12.

myfxvoyage.blogspot.com AUDJPY Short Trade
AUDJPY Daily




Currently, price is getting rejected by this trendline and looks like it will go further south. 

Since mid of Aug, price is just going sideways between trendline and horizontal support area. Looks like a nice area to tradeout. 

I am already short this pair from 82.35.

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