-
AUDJPY: 4-Hour Ascending Channel in Play
On Sunday I wrote about a potential short opportunity on AUDJPY. The pair reached a key resistance area last week at 78.70. It’s a region that served as support in September and October of last year. AUDJPY encountered selling pressure here last Thursday and again on Friday. However, it wasn’t quite enough for me to open a short position. That said, there may be another way to play a weakening AUDJPY. I don’t usually drop down to the 4-hour chart. In most cases, the daily time frame is all I need. But this is one instance where the intraday time frame can shed some light on what’s happening with AUDJPY. ... (full story)