AUDJPY had a long consolidation on the H4 chart. Today the pair produced a huge H4 Bearish candle and the price came out from the consolidation. This means if we get an H4 inside bar and an H1 Bearish Engulfing Candle, then selling the pair would get us some green pips. Let us have a look at the H1 AUDJPY chart.
AUDJPY Price Action Analysis – 30th Jan 2018
Have a look at those huge H1 Bearish candles. One of them made a breakout at 87.870. Apparently, this has been an H4 breakout as well. Now, this resistance level has to be held by an H4 candle. If the current H4 candle is held and we get an H1 Bearish Engulfing Candle at the level of 87.870, then the price would reach the level of 87.200 without having that many pauses. Let us have a look at the summary of the trade.
- Sell Limit Order: 87.870
- Stop Loss: 88.250
- Take Profit: 87.200
- 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
None of the currency of this pair has any high impact news event today. This means the pair would not have any uncertain volatility today. This is another reason that the technical traders would be more interested to trade on this pair. Moreover, the breakout H4 candle looks very solid. So far, all the equations suggest that the pair might offer an entry as far as the H1 chart is concerned. Now, all we have to wait for is the corrective H4 candle. Let us wait and see whether we get that to go short on the pair today.
The post AUDJPY Price Action Analysis – 30th Jan 2018 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment