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We kept reiterating the AUDJPY bearish potential in the major trend quite often even when bulls superficially showed some upswings.
Dear readers, before we deep dive into this article, let’s just quickly glance through our previous post, follow below weblink for the clarity about the trend:
Hadn’t we raised cause of concerns on major downtrend in the above write-up?
Well, the thumb rule so as to make our trades successful is that, we reiterate again “trend is your friend”.
AUDJPY forms frequent hanging mans followed by bearish engulfing patterns at 81.636, 81.632 and 80.606 levels respectively.
Ever since then, you can observe steep slumps below DMAs after the formation of these patterns, for now,more slumps seem to be likely upon breach below strong support at 81.113 and 80.681 levels (refer daily chart).
While the major trend is stuck between 38.2% and 23.6% Fibonacci retracement levels, shooting star patterns have occurred in the recent past that evidence failure swings at 21-EMAs, Engulfing pattern drags price slumps below 7EMAs, Both RSI & stochastics signal bearish momentum (refer weekly chart).
Trade tips: On trading grounds, at spot reference: 80.493 levels, one touch put options are advocated for targets upto 80.105.
Alternatively, on hedging grounds, we advocate shorting futures contracts of mid-month tenors as the underlying spot FX likely to target southwards 79.500 levels in the medium run.
Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.
Currency Strength Index: FxWirePro's hourly AUD spot index is inching towards -60 levels (which is bearish), while hourly JPY spot index was at 37 (mildly bullish) while articulating (at 06:20 GMT). For more details on the index, please refer below weblink:
