Audjpysetup
AUDJPY 240MHello traders!
In this trade we are looking for a momentum completion from line B to line D for 50 pips.
We also have a 25 pip target between lines B and C if price goes that way.
These trades can be taken with a buy stop order as a set&forget setup or we can wait for PA
to close above line B as with the T1 and T2 levels. In the case of the T3 level,
price blasted through too quickly to wait for a close above the line.
It`s recommended to position stop no further away than 1:1 RR away from entry, although this
may vary with markets and volatility.
Best,
Jay
AUDJPY Analysis: Price at a good entry levelPrice has been on the rise and following an ascending channel.
It just reversed from a strong resistance level and currently at the support line of the channel.
It is also currently at a horizontal support level.
I am not sure of the next move but I see two possibilities:
Scenario 1:
Price may continue to follow the channel and bounce off upwards to test the resistance again.
In this case we need to wait and confirm reversal to go long.
Scenario 2:
Price may break the support and continue downwards.
In this case we to wait and confirm a breakout in order to go short.
I would appreciate much to get your opinions on the pair in the comment section. If you agree with the analysis kindly hit the like button to show agreement.
AUDJPY profit target reached once again, prepare to sellSell below 88.40. Stop loss at 88.66. Take profit at 87.91.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target once again. We look to sell on major resistance at 88.40 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a further drop to at least 87.91 (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 96% where a corresponding drop could occur