AUDJPY break the triangle - long or short

[toyogo00]

Hi,

AUDJPY 4hrly is forming a triangle and getting ready for a break out. The daily TRSI trend is down, the 4hrly TRSI is flat at 40 level.

If it breaks down below both the triangle (where the lower edge of the triangle is also a long term upward trend line) and the SK support A, then the possible target would be around the next SK support B (btw 66.00 to 66.60).

Regards,
Toyogo

[Lifesong]

Hi Toyo

I agree that if previous swing low and trendline breaks @ around 68 level we would be shorting country. Only patience will tell and for the time being I believe there are better setups to trade than to guess this pair till it's confirmed the clear direction.

Looking at interrelational of USDJPY on daily chart we are around uptrend line and a bounce off it will most probably result in a bounce of AUDJPY as well and then we could be facing long territory - just an observation! Obviously the flipside is also true, if USDJPY decissively breaks down through 97.50 (previous swing low) it would support shorting AUDJPY to the next SK support @ around 66 level.

Happy trading