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AUDJPY Price Action Analysis – 11th July 2017

AUDJPY has been bullish on the Daily chart. The pair produced 2 daily bullish candles after having some consolidation. Today’s price action has been bullish as well since we already have had an Hourly breakout of yesterday’s higher high. Thus, eying on the pair to take long entries might get us some green pips. Let us have a look at the H1 AUDJPY chart…

See today’s H1 chart has made a breakout at 86.875. That level was yesterday’s higher high. After the breakout, the price has continued to go towards the North. This means, there is enough buying pressure on the Intraday charts. Now that the price has gone higher up, thus we should wait for a pull back here. If the price comes back to the breakout level and produces an H1 bullish reversal candle, then buying the pair would be the best option as far as this chart is concerned. Summary of the trade…

• Buy Limit Order: 86.875
• Stop Loss Level: 86.600
• Take Profit Target: 87.400
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Here the price might continue its bullish journey towards the take profit level without having the pull back that we are anticipating. However, we should not ride on it now since we get less reward than the risk. Moreover, It is often seen that the price comes back for a pull back, but never produces a reversal candle. In that case, we lose the trade and that is a big

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