AUDJPY has been having an uptrend on the daily chart. The trend still looks strong enough to go further up. We assume that the pair might offer buy entries later today. Let us find out the details how we should deal with the chart to take buy entries on AUDJPY.

This is the Hourly chart of AUDJPY. The pair made a double bottom at the level of 84.770 area. The price seems to be bullish so far, although the resistance of the double bottom has not been cleared yet by the price. Obviously, that has to be cleared as well as the level of 85.500. In fact, the level of 85.500 has to be handsomely broken by an hourly candle. The break might take place after the New York open hour. If that happens, then buying the pair by setting stop loss below today’s lower low should get us to the level of 86.250 without having that many obstructions. Let us have a look at the summary of the trade.

• Entry- At the break out of the level 85.500.
• Stop loss- Should be placed below today’s lower low, which is 84.750.
• Take profit- Should be placed at the level of 86.250.

We hope that you enjoy our Free Forex Trading Signal today: AUDJPY Free Forex Trading Signals - 8th Dec 2016. Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck! You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here. Tip of the day:  When a trade is taken by analyzing the 4 hourly or the daily chart, we normally get less risk and reward ratio like 1:1. This might not sound that lucrative, but as far as the consistency is concerned it is very rewarding. When lower time frame such as 5M or 15M are used to take entry, a better risk and reward ratio is possible. However, they are never as consistent as the 4 hourly, or the daily charts are. Thus, it is always safer and more rewarding to aim for less risk and reward ratio but more consistency. In a nutshell, always trade on higher time frame.