AUDJPY - BULLISH / BEARISH SCENARIO
Updated
Hi Peeps,
The trend line channel was broken from the top and we can clearly see that the market has been in a bullish move for past weeks right now.
(a) Bullish Scenario:
If price manages to retest the top of the trend line channel, there are 2 potential targets we maybe looking at as marked on the chart. Do always wait for the daily candle to close before you come to a conclusion on the direction in which you intend to pursue. If price continues to stay above this trend line and does not indicate a false breakout, the bullish scenario will be active. However, fundamentals may create some volatility in the market so do take note of that.
(b) Bearish Scenario:
If price manages to retreat below into the trend line channel, the overall trend bearish channel would still be valid. As marked are the 2 bearish scenario targets in the chart, price must first break into this channel before we purse it any further. A candle close below the trend channel would indicate that the bearish scenario is activated.
However, you may place buy or sell stop orders at the relevant areas to best capture either of these trend movements.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for AUDJPY. Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk
The trend line channel was broken from the top and we can clearly see that the market has been in a bullish move for past weeks right now.
(a) Bullish Scenario:
If price manages to retest the top of the trend line channel, there are 2 potential targets we maybe looking at as marked on the chart. Do always wait for the daily candle to close before you come to a conclusion on the direction in which you intend to pursue. If price continues to stay above this trend line and does not indicate a false breakout, the bullish scenario will be active. However, fundamentals may create some volatility in the market so do take note of that.
(b) Bearish Scenario:
If price manages to retreat below into the trend line channel, the overall trend bearish channel would still be valid. As marked are the 2 bearish scenario targets in the chart, price must first break into this channel before we purse it any further. A candle close below the trend channel would indicate that the bearish scenario is activated.
However, you may place buy or sell stop orders at the relevant areas to best capture either of these trend movements.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for AUDJPY. Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk
Note
Woohoo TP2 Target in the cards!
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