The Pair is forming a rissing parallel channel. A rissing channel breakout on the downside has a good success ratio and the failure rate is less than 15%

A breakout on either side will be an opportunity to enter.

Take Long position only if the pair closes above the parallel channel in a 1hr time frame with RSI above 53, if the RSI is above 80 ignore. The pair should trade above the EMA.

Take Short position only if the pair closes below the parallel channel in a 1hr time frame with RSI below 40, if the RSI is below 20 ignore. The pair should trade below the EMA.

AUD/JPY

May 17 2022