AUDJPY Getting Close To a Sell

22 thg 8, 2014

The AUDJPY has rallied off the DP buy signal and has reached its upside DP target. This is also a major resistance area where the tendency is for a market to begin a correction. I may miss this if it sets up today (Friday) as I don't like to trade forex on Friday's and hold over the weekend but I will re-visit it on Monday. The 96.80 area is the next major resistance and can probably be sold at that level but it is possible that we get a red sellers candle at today's close. A break below today's low, if we close with a red seller's candle today, would also be a potential short. There is a good probability that it may lead the ES (S&P) lower if it does trigger short. Today's Fed speak could potentially change this picture so be aware.