AUD/JPY >> short opportunity ??

Lud Trader

Active Trader
Nov 3, 2017

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?