Aud/jpy - Monthly View >> Short Opportunity ??

Discussion in 'Forex - Currencies Forums' started by LudivineTrader, Nov 7, 2017.

  1. LudivineTrader

    LudivineTrader Member

    Nov 2017
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    On the Monthly view, it seems that the AUD/JPY is below a medium-term resistance level >> short opportunity ??

    The AUD/JPY is currently below a major resistance area that might give us a nice opportunity for a short position.

    This resistance area also corresponds to

    · The upper line of an Andrews’ Pitchfork, that models a bearish regression channel.

    · A Fibonacci cluster; the 50% & 61.8% Fibonacci levels of the previous bearish impulse

    Here are the three Main Target Profits according to the Fibonacci expansion levels: 83.12 ; 78.68 ; 71.50.

    What do you think about that?

    Attached Files:

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