I am preferring a short play on the AUD/JPY with the technicals looking strong to favour this bias. On the daily, Price looks to have set in play a new lower high, with a current strong bearish candlestick forming from the end of last week. My short bias is further strengthened with a technical strength score of -2.
Although the SMA's (green and red) look to cross to the downside, they have not yet and to enter short I would have to witness this. Price has broken below a 4hr CTL but does not offer any entry points currently. To enter short, I would have to witness an hourly valid retracment with bearish candlestick rejection. If I am able to obtain a valid short entry, I will look to target 85.463 (Previous low)
Although the SMA's (green and red) look to cross to the downside, they have not yet and to enter short I would have to witness this. Price has broken below a 4hr CTL but does not offer any entry points currently. To enter short, I would have to witness an hourly valid retracment with bearish candlestick rejection. If I am able to obtain a valid short entry, I will look to target 85.463 (Previous low)