The AUDJPY H1 chart shows a compelling setup for a buy position. A clear downtrend line has been broken, followed by a successful retest, indicating a potential reversal. The Ichimoku Cloud supports this bullish outlook, with price action breaking above the cloud, signaling a shift to bullish momentum. Additionally, the chart highlights a Wave N formation, a key pattern in wave theory, further confirming the bullish bias. The combination of the trendline break, retest, Ichimoku confirmation, and Wave N formation suggests a strong opportunity for a buy position.
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Trade closed: target reached
The primary and initial target, which corresponds to the completion of the Wave N, has been successfully touched. This marks a significant milestone in the current setup. Moving forward, the price has the potential to continue its upward trajectory towards the next targets, such as the E target. This progression aligns with the wave structure and the bullish momentum observed, supported by the break and retest of the trendline as well as the Ichimoku Cloud confirmation. Traders may consider monitoring these levels for further confirmation of the trend's strength and potential continuation.If you liked this analysis, hit the BOOST !
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.