AUDJPY Breakout Trading Signal – 5th Feb 2019
AUDJPY has been bullish on the Daily and H4 charts. The price has kept making higher highs after having some corrections. The H4 chart shows that the price is having correction again after making the last higher high. There is a level which has the potential to be a strong level of support. If that level is held and it ends up producing an H4 bullish candle, and we get an H1 breakout at the level of the last higher high, then buying the pair would get us some green pips. We are going to make our decisions based on the Daily Timeframe.
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On the last bullish move, the pair produced 3 consecutive H4 bullish candles. Then, the price had a consolidation. However, the way the price is heading towards the South; it seems it would have a full length correction. The level of 79.055 has the potential to be the level of support. If this level produces an H4 bullish engulfing candle and later we get an H1 breakout at the level of 79.550, then the price would head towards the level of 80.340. Let us have a look at the summary of the trade…
- Buy at Market Price: 79.600
- Stop Loss: 77.900
- Take Profit: 80.800
It seems most of the JPY pairs looks active today. USDJPY seems to be producing an H4 bullish engulfing candle already. However, let us wait for AUDJPY to produce an H4 engulfing candle and an H1 breakout at our marked levels to offer us the long entry.
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