We are expecting downward trend to continue for AUDJPY currency pair. Short trades only. See below for the summary of analysis:
- Majority of traders are still holding onto Longs. This means we should continue to Sell AUDJPY.
- The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- MVP line is above the price and acts as a resistance level.
- Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.