Wait For The Proper Entry To Short AUDJPY

AUDJPY has been an overall downtrend on the 1 hour chart over the past couple of months. We suggest waiting for a rebound up near the 77.600 level before taking a short position. This entry will coincide with a resistance area as well as remain within the trend channel. Stops should be set between 78.200 - 78.500 while profit targets should be 76.500 - 77.000, if it were to take our 76.500 it should attempt to make new lows.