Thursday, February 07, 2013

AUD / JPY: 07.02.13 17:21HRS

AUD / JPY:

Aussie Yen has a head and shoulders formation in play on the 60 minute time frame, shown below.

Chart below:


Price has this afternoon broken through the trend line shown in red and made an immediate new low.

I am look for a short entry on a pull back to the the trend line and the Fibonacci levels.

My entry levels and chart are below.

1st Entry: 96.25
2nd Entry: 96.40

Averaged Entry: 96.32

Stop Loss: 96.65

Target: 94.65 (5% and Daily 20 ema)

 
I will update again should the trade be triggered
 
Regards
 
 

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