AUDJPY Channel Gives Shorting Opportunities
We can see that a Head and Shoulders pattern was recently formed on AUDJPY which gave us a good representation that the graph would be switching from a bullish market to a bearish market. Since June 8th we've been following a downward trend channel and have been respecting it. We can see that price is heading towards the top of the channel which can give us a really good shorting opportunity since we would have a M pattern forming and we would also be following the trend which could yield us around 180 pips.
Another thing to consider is that with the current risk in the markets many traders have moved away from riskier assets towards the safe haven currencies which suggests we could see a strengthening JPY which would give us further reason to believe that shorting this pair could be in our best interest.
Another thing to consider is that with the current risk in the markets many traders have moved away from riskier assets towards the safe haven currencies which suggests we could see a strengthening JPY which would give us further reason to believe that shorting this pair could be in our best interest.
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