AUDJPY has been bullish on the daily chart. The price headed towards the North in the H4 chart with good bullish momentum as well. On its way, it made a breakout and traded above the level. The price has been having a bearish correction. If the breakout level produces a bullish reversal candle, the buyers may go long above the highest high of the bullish wave.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
AUD/JPY Daily Price Forecast – 9th April 2020
The chart shows that the price made a long bullish move. It made a bearish correction and headed towards the North by making a breakout at the level of 67.460. After being bullish for two more candles, it had a rejection at the level of 68.080. Now, the price has been in a bearish correction again. If the price comes back to the breakout level and produces a bullish reversal candle, the buyers may go long above the level of 68.080. Let us have a look at the Summary of the trade…
- Buy Limit: 66.601
- Stop Loss: 65.476
- Take Profit: 68.080
Just above the take profit level in this trade setup, there is a big price gap. It means if the price makes a breakout at the take profit level, it would generate good bullish momentum and head towards the North further. The daily chart suggests that the price may find its next resistance around 72.270. This means the next H4 wave may end up being a long one. Traders may consider taking a partial profit at the take profit level.
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