AUDJPY forming a short setup
Vasl Capital
AUDJPY·
Nov 11 2022
Stop Loss -0.86%
Holding time 2d11hr
92.744
Entry price
93.546
Stop loss price
AUDJPY is in a short bearish market forming the lower lows and lower highs. Market is right now at the support level priced at 92.90. If this support is broken, market will retest and that will be our short position from the support turn resistance. Apart from this, the structure is also bearish, hence forming a bearish trend.
The ascending trendline has induced the breakout sell. This breakout sell has been validated by the price action.
There is no retracement structure in this setup as the market has not made a corrective move. This is a simple case of break and retest for the AUDJPY.
EMA 50 has broken out for sells and has been retested by the market near the resistance level. The curve is steap, which means the strength for the berish impulse is stronger than the corrective impulse.
RSI is at 35. This is near about the over sold region. We need to wait for the market to tap the 50 level mark in order to neutralize itself for another surge down.
CONCLUSION: BEARISH