AUDJPY has tapped the major resistances and has stalled since tapping them. We are looking to short the pair at the price of 91.45. This is the area where a fresh resistance is formed with a double top. Apart from this, trend seems to be bullish, and this bearish impulse would only be considered as a retest, unless until the structure is changed.

The ascending trendline is the main component of our profit booking.

There is no retracement, in particular setup.

EMA 50 is below the current price action. There is a chance of a retest. If not, the market can breakout the EMA 50 as well towards the bearish side.

RSI is at 54. This is the bullish region. So finalizing the short position, we need to wait for the oscillator to head back upwards in the over bought regional, where abearish divergence can be formed.

Shorts on AUDJPY till the trendline retest

May 10 2023