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(Buy) AUDJPY Technical Analysis for April 17, 2018Hello Traders, In a nutshell, I’m net short Yen and like yesterday, I shall be actively looking for buy opportunities in AUDJPY. To begin with, we notice that this pair is generally stuck within a consolidation that began in early 2016 and continues till now. This therefore means there weren’t much meat to feed off trend traders. What’s important at the moment though is that shift of momentum and as it is, there is a stochastic buy signal and a couple of higher highs confirming buy pressure. Notice that last week was generally bullish meaning if we look for stochastic buy signal in lower time frames, we might as well turn in a profit. Potential targets if this trade plan materializes is that previous support trend line now resistance at 89 or thereabout. A level deeper and what interests me is the technical developments of AUDJPY the 1HR chart. There is nothing much going on in the 4HR chart besides the obvious bullish trend and a potential double bar bullish reversal pattern the moment this candlestick closes. In the 1HR chart, we can easily see that AUD bullish divergence pattern and that’s not all, there is a stochastic buy signal turning from deep the oversold territory complete with bullish candlestick confirming this move. Because of this, aggressive traders can consider buying AUD at 83.50-when there is a considerable break above that minor resistance trend line with stops at 83. This will be my AUDJPY trade plan: Buy Stop: 83.50 Stop Loss: 83 Take Profit: 90 Have a good trading day and of course, let me know what you think!! This Article was originally published at Forex.Today by Dalmas Ngetich
Long
by Kipyegonn
(Buy Stops) USDJPY Technical Analysis for April 16, 2018Hello Traders, My focus pair today is USDJPY and while the Yen seems to be gaining ground as the chart shows, I expect prices to possibly rebound and edge higher in the coming days. These are my reasons. In the weekly chart, stochastics are turning from deep the oversold territory and we have that clear buy signals and higher highs which begun from late March 2018. What’s interesting though is this minor resistance at last year’s lows and this is why I really think that this week’s price action could possibly shape the short to medium term trend of this pair. With this resistance, last year’s lows or support will effectively become a resistance zone if it succeeds in rebuffing further bull pressure. When we zoom in to the 4HR chart, prices are retesting a key support line. Even though our technical indicators are mixed, we should practice patience and wait until there is a stochastic buy signal or a double bar reversal pattern prints at this level. On the flip side, conservative traders can wait for a close above last week’s highs at around 107.80 before initiating longs. Because of this projection, my USDJPY trade plan would be as follows: Buy Stop: 107.80 Stop Loss: 107 Take Profit: 112 but ideally at 115 Let me know what you think. Have a good trading day!! First published at Forex.Today by Dalmas Ngetich
Long
by Kipyegonn