AUDJPY has been Bullish on the H4 chart. The pair has had a consolidation. Today’s price action suggests that the consolidation might get over and we might get an upward breakout today. If that happens then the pair would offer us a long opportunity later today. Let us have a look at the AUDJPY chart.
AUDJPY Price Action Analysis – 13th Mar 2018
The pair has been having a consolidation within those two red lines. The first H4 candle today came out as a Doji candle and the next one came out as a strong Bullish candle. We need to see a breakout at the level of 84.050 though. If we get an H4 breakout at that level and the breakout is held by the next H4 candle, then buying the pair would get us some green pips with an excellent risk and reward ratio. Let us have a look at the summary of the trade.
- Buy Stop Order: 84.050
- Stop Loss: 83.575
- Take Profit: 84.800
- 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 on AUDJPY has any high impact news event today. This means if the breakout happens, there is a good chance that the correction and the signal would come as we are expecting here. The signal has to come at or after GMT 14.00 since one H4 candle has to make the breakout and another one has to be held. Thus, the earliest we might get the signal is at GMT 14.00. Meanwhile, we wait to see whether the breakout happens or not.
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