AUDJPY is stranded in an extended range, in a down trend. The structure is still bearish and the market has the potential to tap the support drawn. We will take the short position at the resistance level of the market. The market has formed lower lows and lower highs.

The ascending trendline is still developing for the market to retest or break it. 

The retracement area of 61.8% is in confluence with the resistance level, which indicates a decent short setup for the market. 

The EMA 50 is still bearish and this indicates the steepness of the curve, a downward pressure. 

RSI is at 46, which is a bearish region. We need to wait for the neutralized levels on the RSI and see where the market stands at the resistance level. We have to make sure we area in confluence with the technical factors.

Confluence for shorts

Oct 05 2022

Take Profit +1.95%

Holding time 1d12hr

94.144

Entry price

92.307

Take profit price