TRADE SETUP - AUDJPY (SCALPING)

Hi Traders,
The higher timeframes of this pair indicates downtrend, so we are looking for short positions. A good and safe trade setup would be to enter a short position when price close below the highlighted zone (74.522 - 74.445). If the breakout candle touches or breaks the 74.382 levels (Yellow) its better to wait for a retracement candle. The target can be either 10 - 20 pips, but we have a good support at 74.320 levels (Red). The stop loss can be placed above the highlighted zone but this setup is considered a loss only if a candle close above the highlighted zone. At the time of entry the 50 SMA has to be above.
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Happy Trading