Audjpyidea
+120 PIP TRADE AUDJPY BROKEN OUT! AUDJPY was travelling in a triangle and it can be argued it was also travelling in an ascending channel. Price broke out of both structures to the downside and came back up to retest the structures before tanking all the way down to the previous support.
We have reached the 0.618 retracement level indicating a SELL opportunity, Our TP is at the -1.27 extension which is also the next support zone.
AUDJPY UPWARDS TRENDLINE BROKENAUDJPY has been travelling in an ascending channel on the daily chart , more visible here
Price broke our of this channel to the downside and as shown above on the 4H char, price has been making its way up as a retracement. On its way up it has formed a trendline which has now been broken, indicating that the short trade we expect is coming.....
AUDJPY MAJOR CHANNEL BREAKOUTSince the extremely large drop on the majority of FX pairs, AUDJPY has been climbing up in an ascending channel which is visible on the daily chart. Price has broken out to the downside and has come back up to retest the channel. Our entry is at the 0.618 retracement zone of the previous swing.
TARGETS ARE MARKED OUT ON THE CHART. PURPLE LINES ARE SHORT TERM TARGETS! ENJOY YOUR TRADE!
Upcoming Long on EURAUDOANDA:EURAUD
Data
More than 70% open position on Short
Volatility is somewhat strong at 4.278% (Above 5% is great)
Buy Stop at 1.609
Sell Stop at 1.599
Prediction:
Market will reverse to hunt that Buy Stop order at 1.609
Market may keep rising to hunt another one at 1.61
At this point, there is no immediate resistance (sell orders) so price may keep shooting up
When price goes down, it will keep decline to hunt Sell Stop at 1.599
OR price may go down to hunt Sell Stop first and then Buy Stop