Remember our possible opportunity to short AUD/JPY we featured back in mid December? Yes, the Christmas gift trade that gave us multiple chances to sell on short term retests after the higher time frame resistance zone held.
Well after maxing out at around 200 pips below the level, price has since pulled back and we have a carbon copy setup forming today.
The same zone, the same setup. The only question that now remains is whether we’ll get the same result.
The AUD/JPY daily chart provides the higher time frame context as to why the level is significant.
But it is the hourly where we can see an actionable trading setup.
It’s exactly the same as last time where we have the higher time frame resistance level having held, and now a short term pullback to test previous short term support now as possible resistance.
This is the level that allows us to see excellent risk:reward in your trade, depending on how aggressive you want to be in your own setup.
Do you see opportunity trading AUD/JPY? Trade forex with the best Australian forex broker, Vantage FX.
Dane Williams – @VantageFX
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