AUDJPY: Will Daily Downtrend & Median Line Push Price Lower?

Price has reached a long term downtrend at the same level where it tests the median line of an active pitchfork. The slope is valid and what we should do is watch closer for any sell setup completion based on our strategy. In a lower time frame we may see that we have a double top formation at current level, another factor to think going short. In case price breaks above the downtrend and median line, we look no more for shorts.

Komen:

Double top at median line

Komen:

Previous image is the long term downtrend ;) Double top is below