AUDJPY has been bearish on the H1 chart. The price has broken an important level of H1 support today. This suggests that the price might go further down and make new lower low. Let us have a look at the H1 chart to find out the levels we need to keep our eyes on to take short entry….
As we can see that today the price has came down by breaching the level of 84.350 area. This was a strong level of support. However, now that has been broken, so it might be the next resistance for the pair to come down. So far the price has been held on that level. It also seems that we might get a H1 breakout at 83.950. If it does happen, then selling AUDJPY would be the best option as far as the H1 chart is concerned.
Let us have a look at the summary of the trade
- Sell Stop Order: 83.950
- Stop Loss Level: 84.250
- Take Profit Target: 83.580
If we have a look at the chart, then we see that earlier the level of 84.350 was the level of support. After the breakout, all those spikes have come into play and worked as the level of resistance. This is why to find out potential Support or Resistance level, we need to think about the area. What most important is what the pair is doing. Here the price is trying to be held at 1.84350. If we get a breakout from there, we should consider it the level of resistance. We just need to make a little adjustment in these cases.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: AUDJPY Free Forex Trading Signals – 27th March 2017
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!
NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.Other Analysis Today