My first trade this week, is the AUD/JPY pair. The reason as shown in the image below, is that after a failed breakout attempt to the upside (only a couple of pips), the market reverses to the opposite side. A descending triangle is in formation. The upper (resistance) level of the new descending triangle was tested and not breached. The entry selected is below the intermediate term Fib level (0.500-93.441) as shown. Using the angle formed in the descending triangle, the projected take profit al…
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