The market is signaling a potential short entry on the AUD/JPY 4HR chart. The upward trend channel was broken and although confirmation is almost complete that the upward trend is over, we still need the price to trade down at 81.14 first. If we do get to that level we will enter short and have a profit target at 80.63 where we will close part of our trade. Our trailing stop is sitting at 102 points. We will adjust our levels according to our strategy while we are in the trade.
Entry: 81.14
P1 : 80.63
TL stop: 102 points