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AUDJPY Price Action Analysis – 28th July 2017
AUDJPY has been uptrending by obeying a trend line on the H4 chart. The price is at the support level of the trend line. Moreover, today’s price action suggests that the price might head to the North to make a new higher high. Let us have a look at the H1 AUDJPY chart.
AUDJPY Price Action Analysis – 28th July 2017
The price has produced H1 bullish candles at 88.320 twice. This is the support level of the H4 trend line as well. To go with these equations, we see a Double bottom has been produced on the H1 chart. This means that if we have a breakout and a pullback, then buying the pair would get us some green pips. Have a look at the summary of the trade…
- Buy Stop Order: 88.650
- Stop Loss Level: 88.100
- Take Profit Target: 89.450
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
There are two high impact news events today one of them with the USD and another one with the CAD. AUDJPY is not highly correlated with any one of them. Thus, we could expect that the pair that we have been eyeing on might run very technically. However, since it is the last day of the week, thus the signal has to come early. The best would be if we get the breakout during the London open and the H1 reversal candle before the New York open or right at the New York open. That will give us 3 -4 hours of the market with a good amount of liquidity.
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