SELL AUD/JPY @ 74.438
SL @ 75.250
TP1 @ 73.880 near 23.6%
TP2 @ 73.500 near 38.2%
TP3 @ 73.200 near 50%
-Price action shows a bullish trend but double topped at whats looks to be a strong daily resistance respected many times as far back as Sep. 16, 2019.
-TP3 sits well at the 50% level which has also been tested multiple times mid October.
-Economic indicators show a lower unemployment rate, inflation rate and and interest rate in Japan's market than in the Australian market but to play it safe I am using minimal risk with a very small lot position.
-Technical Analysis is the main reasoning behind this prediction seeing how COT reports do not show a grand amount of long orders for the yen. *Let's hope for the best and prepare with minimal risk.
SL @ 75.250
TP1 @ 73.880 near 23.6%
TP2 @ 73.500 near 38.2%
TP3 @ 73.200 near 50%
-Price action shows a bullish trend but double topped at whats looks to be a strong daily resistance respected many times as far back as Sep. 16, 2019.
-TP3 sits well at the 50% level which has also been tested multiple times mid October.
-Economic indicators show a lower unemployment rate, inflation rate and and interest rate in Japan's market than in the Australian market but to play it safe I am using minimal risk with a very small lot position.
-Technical Analysis is the main reasoning behind this prediction seeing how COT reports do not show a grand amount of long orders for the yen. *Let's hope for the best and prepare with minimal risk.