#AUDJPY has continued lower and is heading towards a key support zone. Can this offer us a short opportunity?
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The Australian Dollar has been in decline recently due to a number of factors. Recent employment data out of Australia showed an increase in unemployment and a decrease in the forecast employment numbers. Also in our week ahead analysis we highlighted the strength meter showing the Australian Dollar was getting weaker, offering us short opportunities against currencies that are strong or getting stronger.
The weekly chart shows the price is in a strong upward trend but in a retracement phase. This could offer us short opportunities to the previous swing highs around 82.00. If the price is going to move to this level we should see a downward trend form on a lower time frame.
Trading Time Frame
The trading time frame shows clear lower highs and lower lows and the price has recently formed a new low breaking 83.00. If the price retests these lows and forms bearish price action we can look for short opportunities.
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