AUDJPY – Bearish Volatile Trend, Looking to Sell | Feb 11

Verified Profitable Trader

AUDJPY – 6 Day Bear Close, Bearish Cycle in Play (daily chart)
Down almost 8+ handles since the start of this year, the AUDJPY has been getting hammered lately, closing red 6 days in a row and 7 out of the last 8.

What is most interesting is yesterday’s meltdown with a mini-flash crash in the JPY pairs, followed by a sharp rebound. The pair has since formed a long tailed pin bar after initially breaking a major support level in 79.21, but then closing above it.

For now, the pair is in a bearish cycle and I’m expecting any rallies in the AUDJPY to be sold. We might see some profit taking here and thus a small rally which should find offers at 81.84 and 86.27.

Since this is a bearish volatile trend, watch for key pullback levels before getting short.

audjpy price action 2ndskiesforex

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article