AUDJPY produced two bearish candles on the daily chart. The chart upon finding its resistance produced a bearish engulfing candle. Yesterday’s candle came out as a bearish candle as well. Thus, the H4 chart looks good for the sellers. The price made a bearish move and found its support. It has been in an upward correction. A level of flipped may come into play and work as a level of resistance. If the level produces a bearish reversal candle, the sellers may find an opportunity to go short in the pair. Let us have a look at the H4 AUDJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
AUD/JPY Daily Price Forecast – 2nd April 2020
The chart shows that the price after being bearish had a bounce at the level of 64.900. The price has been having an upward correction. The level of 65.620 may work as a level of resistance. If the level produces a bearish reversal candle, the sellers may go short below the level of 64.900. The daily swing low offers the sellers to ride on the potential bearish wave with an excellent risk-reward. Thus, the price may head towards the South with good bearish momentum. Let us have a look at the summary of the trade…
- Sell Stop: 64.897
- Stop Loss: 65.731
- Take Profit: 63.946
The sellers may consider taking a partial profit at the take profit level and let the rest of the trade run. The price may go up to the level of 61.200. Today’s daily candle is very vital as well. If it ends up being a strong bearish candle, the pair will be dominated by the bear for some days.
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