If any y’all are lookin’ for short-term trend setups, then today’s intraday charts update is just for you ‘coz I found a couple of channels on AUD/JPY and NZD/JPY.
A fresh descending channel has recently formed on AUD/JPY’s 1-hour chart. And as y’all can see, the pair is currently milling about just below the channel’s resistance area at the 82.50 minor psychological level.
Y’all may therefore wanna start looking for opportunities to go short on the pair. And all the more so, given that them moving averages are still in downtrend mode.
But as always, there’s a small chance that resistance may fail. So if the pair stages a topside breakout and clears the 83.00 major psychological level, then that may be a sign to bail yo shorts on the pair.
Like AUD/JPY, price action on NZD/JPY has also been tilting to the downside. And like AUD/JPY, a fresh descending channel has also formed on NZD/JPY’s 1-hour forex chart.
Also like the earlier setup on AUD/JPY, the pair is currently testing the channel’s resistance area at 77.40, so y’all may wanna start lookin’ for a chance to go short on the pair.
Looking at our technical indicators, we can see that them moving averages are also in downtrend mode. And as a bonus, stochastic is already signaling overbought conditions and all that.
As for the price area to watch out for, a move higher past 77.70 would be confirm a topside channel breakout, invalidate the channel, and signal a potential trend change.
Anyhow, y’all just make sure to practice proper risk management as always, a’ight?