Audjpy

Strong resistance at 9945. I was expecting a drop to 9850. AUDJPY has been floating at those resistance levels.

Thoughts?

 

there it is... sweet profit taking.

 

Good play there. I rode that uptrend the last couple of days but was out, awating to see how it would react as we got closer to the 100 level - where I expected major resist.

Looks like it came a little early!

 

This pair is nowhere near crossing below my trigger line, so I am basing this trade on AUDJPY’s overall bearish sentiment and on market structure.

 

Not only was my target hit, but the rate is all the way down to 78.86 at this time.

 

I'm long from 82.87 based on a slightly adjusted approach to interpreting my 30-minute forecast model, so I'm curious to see whether or not my take-profit target is eventually hit.

 

AUDUSD and AUDJPY are both bullish, but when the new forecast model I'm using predicted a trip south, I figured I would at least shoot for a modest 10-pips worth of pullback action.

 

I'm going to use AUDJPY to test the ability of my recently updated instantaneous (non-lagging) moving average to get me into trades as soon as price experiences a Bona fide reversal in direction without falling victim to head fakes or false positives by buying AUDJPY as soon as the purple moving average begins to hook north.



UPDATE: I got the signal to go ahead and enter a long position @76.70 at 02:45 GMT.

 

There had to be nice pullback after this sharp drop, I wonder how successful you caught the falling knife?