Trade Reference Number: 4409
DO NOT ENTER UNTIL CONFIRMATIONS HAVE BEEN MET!
We are awaiting confirmation before entry on AUDJPY, firstly we will wait for price to enter our retest area 74.214 - 74.131 (highlighted orange). Once a 1 hour candle has gone into our safe zone we will now wait for our first confirmation which will be for candle to retrace back up...
descending triangle formation on AUDJPY.
Pay attention to a horizontal support of a triangle!
Bearish breakout of support is a signal to short the pair.
We don't know how long the pair will be trading within the triangle,
but when it breaks, set your stop above the last lower high!
target levels will be:
72.6
72.0
*if...
AUDJPY BULLISH IDEA:
->Trending upwards
->Touching a resistance level
>Due to it we want to see a strong breakout and enter on the retest.
->Forming a bullish rectangle
entry @74.422
SL 74.122 (30pips)
TP1 74.772 (30pips)
TP2 75.172 (75pips)
it has reached on a resistant level and due to have a pull back on 4 hour chart hence why i had to zoom into 15 minz to determine the chart pattern and go with the market.
prediction , breakout on major resistance , minor res broken, price retracing as it is the end of the week , amazing that price literally stopped at that resistance right there, otherwise good momentum even on higher time frames
opinions and engagement welcome as always
price is going back into the lowest zone of my key zones , so that is also part of my...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (72.40). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. AUDJPY is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
First of all - waiting for a daily close is essential on this trade.
If price closes up as a bearish pin bar on the daily, we are in for a smooth ride towards 70.750.
Trade safe, manage risk, good luck.
This pair is the Australian Dollar against the Japanese Yen. In regards to U.S. equities on a short to medium term basis, it is often one of the most highly correlated pairs to price action. The pair tends to decline is a risk off approach and rise in a low risk environment on carry flows.
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