We are looking at AUD/JPY 1h chart and we see bearish gartley forming 61.8/127 convergence at passed support becoming resistance area at 77.65. We will plan a sell entry at 77.62 with bearish CF confirmation and will place the stop above the CF:
We are looking at AUD/JPY 10 min chart. The employment data for Australia came out way above expectations. We would expect AUD to climb higher. There is 10 min bullish Pennant formed on 10 min chart we will plan a buy stop at 77.35:
We are looking at 2h AUD/JPY chart and we can see a HS /head and shoulders/ forming a RS /right shoulder/ at 79.50. The RS is converging with 61.8 of the current bearish swing. Also a bearish MACD divergence is noticed. This setup will be good if price is reached after the end of the weekend. We do not recommend taking this trade if price is reached today!!! We will plan a sell at 79.50 with a confirmation of a bearish CF/candle stick formation/. The stop will be placed 15 pips above the CF:
Stop = 15 pips above CF
Sell = 79.50 /with CF confirmation/
T1 = 77.28
T2 = 75.09
2h Chart:
This 15 min AUD/JPY chart displays a bullish Bat at 82.85
15 min Chart
Update:
UPDATE: T1 has been filled [profit 33 pips] then stopped out at break even
