Aussie Dollar Japanese Yen

Good morning Dynamic Traders,

Due to late commitments last night I am posting this morning instead.

The chart below is on the four hour timeframe of the AUDJPY, and I am looking for a quick shorting opportunity.

As you will be able to see there is a possible resistance area here whilst we are in a longer term downtrend, although this cross has not reached its trendline resistance we are at a triple top scenario with an OB Stochastic.

I am wanting to take a short around this area for a quick gain so long as I get confirmation on the lower timeframe using an aggressive stance with a small SL.

Due to its volatility I will manage this position very carefully and as you can see we are at a figure area.

If we do close above the possible resistance there is then the trendline to overcome, but I shall use the confluences to my advantage.

As always do your own analysis before trading, and have a great weekend.

Charts courtesy of TradeStation.

Always have fun trading.

Next post will be Monday.

Clayton Farnworth.