AUDJPY Trading Setup

The trading week has been relatively quiet. I have not spotted as many trading setups as usual and that is why I have not really shared any trading setups with you.

By: Colibri Trader

The trading setup from last time did reach the primary target to the inch. It did reversed after that and the US elections did contribute to that. One way or another, the pair does seem pretty uncertain at the moment. I am not going to trade it for a while. I will come back to it once I have a clear indication of a direction.

AUDJPY Trading Setup

The trading setup from today is the AUDJPY. I am looking at it with a slight hesitation and still want to check the intraday activity. What I am seeing is that the pair is just standing above a major resistance-turned-into-support area. It could be a fake breakout and that is what I am looking for. There is a bearish engulfing pattern on the daily chart. This is definitely giving me a hint of the slightly more bearish tone of the market participants. I will be looking to enter in a short trade at around 81.75. My stop-loss would be just above 81.75. My first target is the level of 77.00. Then, depending on price action, I will be looking at 72.50.

Happy Trading,

Colibri Trader

p.s.

By the way, price action has once again proven its beauty. Although I did not trade before the US election (as written in the article), I did see that coming. You might want to check out my pre-election article and see where Gold and S&P500 are trading at the moment. Check article HERE