BabyPips.com FX-Men Team
BabyPips.com
AUD/JPY: 4-hour
Here’s one for trend traders! After breaking above an ascending triangle pattern last week, AUD/JPY is showing some signs of exhaustion around the 89.00 levels. Price could likely fall back down to the 88.00 area, where a 50% Fib is waiting right along with the triangle’s previous resistance levels. A long trade around the possible retracement zone is a good idea especially since it will be closer to the 100 and 200 SMA lines. If you think that the pair has shown a fakeout and is actually headed lower though, then you could wait for a break below the support levels before putting on your orders. Just log it in your trade journals so you won’t forget how you traded the setup!
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