AUD / JPY: 23/04/13. 07:25HRS

AUD / JPY:

AJ is in a longer term up trend.
However price has been making lower highs and lower lows on the medium term charts.
Price has also formed a Double top at the 61.8% Fibonacci Level.

Chart below:

 

 

Price has broken through a trend line support and the averages.
I am looking to enter a short as detailed below.


Levels and Chart below:

1st Entry: 101.50
2nd Entry: 101.80

Averaged Entry: 101.65

Stop Loss: 102.20

1st Target: 99.40 (5%)
2nd Target: 97.30 (7.2% Previous lows and Fibonacci extension)

I will update again should the trade be triggered.