Bearish Continuation in AUD/JPY with Strategic Entry & TP Levels
The AUD/JPY pair shows a strong bearish continuation pattern following yesterday's CPI data release. A Lower Low (LL) formed after the Higher Low (HL) breakout, with significant rejection at a key Resistance Area, aligning with the 38.2% Fibonacci Retracement Level.
Analysis:
Price Rejection at Resistance
The rejection at the Resistance Area, coupled with the 38.2% Fib Level, suggests strong bearish pressure.
Bearish Continuation:
The LL formation post-HL breakout confirms a bearish trend. A break below 106.700 signals further downside potential.
Trading Strategy:
Entry
Enter at 106.700 on LL breakout.
Stop Loss
Place SL at 107.980, above the resistance.
Take Profit
TP-1: 105.420
TP-2: 104.140
Conclusion:
The technical indicators and price action confirm a bearish continuation. Enter at 106.700, with a stop loss at 107.980, targeting profits at 105.420 and 104.140 for an effective trading strategy.
Analysis:
Price Rejection at Resistance
The rejection at the Resistance Area, coupled with the 38.2% Fib Level, suggests strong bearish pressure.
Bearish Continuation:
The LL formation post-HL breakout confirms a bearish trend. A break below 106.700 signals further downside potential.
Trading Strategy:
Entry
Enter at 106.700 on LL breakout.
Stop Loss
Place SL at 107.980, above the resistance.
Take Profit
TP-1: 105.420
TP-2: 104.140
Conclusion:
The technical indicators and price action confirm a bearish continuation. Enter at 106.700, with a stop loss at 107.980, targeting profits at 105.420 and 104.140 for an effective trading strategy.
Trade closed: target reached
TP-1 Reached, We missed the TP-2 by few Pips,
Hold you trade if you are aiming for TP-2
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.