AUDJPY Monthly Chart Fib Sets Up for a Long Term Short

This provides a snapshot of the AUDJPY based on the monthly timeframe. The fibononacci tool helps unveil the 50% level which provides a line in the sand for the long term bias. It might take some time to roll over but as long as the price can stay below this level then the probability sets up for a major move down toward the 58 zone. The important component to notice is the proposed ABCD pattern which can add a sense of confirmation that the market is simply in a retracement mode en route to a push down toward the D point. A quick measure of the segment from A to B gives you a basis on which you can project down from the proposed C point which is currently being developed. Whether this market decides to inch a little higher remains to be seen. Only time will tell and so a prudent risk management policy is required. Patience will be tested as well since the time forecast suggests that the move will not culminated until September 2018. Keep that in mind as the market will transition between impulse and backing and filling along the way.