Chapter 9  [Apr 25] AUDJPY Weekly Outlook: SHORTS AT LAST!

Amongst all my weekly outlooks, AUDJPY will be my favorite pair to trade this week.

[Apr 25] AUDJPY Weekly Outlook: SHORTS AT LAST!-Pic no.1

After a seemingly endless +1,500 pip climb, JPY has finally started pulling the ropes as it has finally moved below the lows it has previously printed last friday. Following that, AUDJPY has finally revealed bearish intent with the recent key level's failure to follow through and break previous highs. Price has also just recently taken out previous lows which indicates further willingness to go down.

[Apr 25] AUDJPY Weekly Outlook: SHORTS AT LAST!-Pic no.2

I am personally setting 87.900 as a long-term sell goal following the 50% retracement theory and the need for pullback as price has already deviated pips away from the 50 SMA.

What am I looking to trade?

I am looking to short from 93.700 until price shows exhaustion from going down. As seen in the chart below, price has now started showing corrective price action which indicates that price is building liquidity for it to take to create a "pullback". It has manufactured a high which I labelled as "inducement" as it is located just below the key area. Furthermore, the key area was able to break structure which means price is willing to protect that low.

[Apr 25] AUDJPY Weekly Outlook: SHORTS AT LAST!-Pic no.3But as usual, I am suggesting that you use your own set of confirmations that will fit your personal trading preferences.

You understand and acknowledge that there is a high degree of risk involved in trading with strategies. The above strategies and analysis are provided by the analysts for information purposes only, and do not constitute investment advice.

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