AUDJPY 60m long

It seems the sellers in the AUDJPY pair has given up and the buyers has stepped in. Looking to long in this current pull back

Currently the buyers has stepped up and is able to hold above the 650 region forming a range (650-750)
The buys is still not working out as there is still selling pressure from the 750 range.

Price action that might happen after Asian open

1.Strong rejection from 750 taking price out of the range and to contest the 350. Idea of a long is rejected.
2.Strong reaction from the 650 from the buyers and weak reaction from the sellers at the 750. that would be the best scenario for a long.
3. Strong reaction from both sides, Which might result in a channel or a range with lots of probes. Idea of a long will be scrapped. will standby till either side loses power.

Potential 1:7 RR

Comment:

Scenario 2 seems to be playing out, Looking at a smaller time frame to see how the sellers pullback. if it is weak, i would like to get in at a price close to the 650.

If a strong pull back comes in, It might turn into a range or breaks out and form a bigger range at the 350.

Still on standby

Trade active:

it seems sellers are not reacting , Entered trade at 725 and stoploss below 700.

Comment:

Asian open looks good for the buyers. Looking for prices to hold above 738.
any strong rejection below 738 i will close it.

Comment:

Shifted stop loss to 698

Comment:

Locked in profits for TP 1, Shifted stoploss to 0.
Buyers should be able to drive prices up to TP 2 as this looks like a 3rd impulse wave and it should drive it up to 77.000
Aussie pair on open is strong which is a good sign for the buyers.

Comment:

Shifted Stop loss to 76.799 ( 9pips profit Sercured )

Trade closed: target reached:

position closed 9pips

Comment:

Post analysis, Direction was correct target for take profit should have been at the previous breech which would have prevented the spike out from the big boys.