AUDJPY - Pinbar reversal rejecting major trend line resistance
AUDJPY is looking ripe for some downside. Price has reached the top of a multi-year channel and is showing signs of rejection. Last week an evening star formed followed by a brief sell off, but bulls managed to jump back in hoping for a continuation. To be honest, the evening star signal was a little bit too early anyway.
Today's pinbar looks justs about right and is also rejecting the upper bollinger band. I think price should hit 78.50, where bulls could step in, but it would be really nice to catch a much bigger move towards the channel lows.
AUD pairs are generally quite weak at the moment supporting this theory. AUDUSD also looks due for a heavy breakout very soon.
Good luck.
Today's pinbar looks justs about right and is also rejecting the upper bollinger band. I think price should hit 78.50, where bulls could step in, but it would be really nice to catch a much bigger move towards the channel lows.
AUD pairs are generally quite weak at the moment supporting this theory. AUDUSD also looks due for a heavy breakout very soon.
Good luck.
Trade closed: stop reached
Maybe SL could have been wider. Time will tell.