AUD JPY 2-02 potential double top

Randy BalcomTrades

There is an upcoming trade in the AUDJPY pair, here is the methodology of this trade:

The weekly chart is near an August 2017 high, there is a bearish engulfing candle and the MACDBB is showing a divergence, thus indicating weakness.

On the daily chart, there are 2 areas of space below current price action and the MACDBB is indicating a bearish trade.

  • This trade would be a 2 target trade.
  • 1st Target at the bottom of the first area of space (which is 86.093) the 2nd Target would be 85.010 or above
  • Entry would be below 87.00 +/- and the stop would be above 88.15
  • If price gets above 88.15 then make sure the risk to reward is still at least 1:1