AUDJPY is in a short bearish market forming the lower lows and lower highs. Market is right now at the resistance level of 943 This is the area where market can drop down as since previous days, market is simply ranging. We want to see another dip down towards the lower side.

The ascending trendline has induced the breakout sell. This breakout sell has been validated by the price action.

The retracement level of 61.8% is in confluence with the resistance level. This level of resistance will be the right area for us to take the short positions.

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 41. We need to wait for the market to resort back to 50 level region in order for the market to continue moving down after the tap. 

AUDJPY continuing shorts

Nov 29 2022

Stop Loss -0.43%

Holding time 2hr

93.134

Entry price

93.535

Stop loss price