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AUDJPY Price Action Analysis – 18th July 2017

AUDJPY has been on uptrend on the Daily chart. The price seemed to find a level of resistance where it stalled and came down to make correction. However, today’s massive move towards the North suggests that the pair is getting ready to make another bullish move soon. Let us have a look at the H4-AUDJPY chart…

See 3 consecutive H1 candles that made the price come out of the congestion. Now it is the time for the price to come back at the support level and to produce an H1 reversal candle. Here it would be a zone, which lies between 87.870 to 87.970. If we get an H1 bullish reversal candle from the zone, then buying the pair should get us some green pips today. Let us have a look at the summary of the trade…

• Buy Limit Order:  87.900
• Stop Loss Level:  87.400
• Take Profit Target: 89.200
• 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

We see on the chart that there is a lot of space towards the upside for the price to move. Moreover, the breakout that is about to take place today is a Daily breakout. This means there will be enough liquidity on the pair if things go as it normally does. We need to consider these things before choosing a pair to take entry. Especially trend on the Daily chart plays an important role on intraday trading as well. We should never trade against the daily trend even if we are to trade on the intraday charts.

We hope that you enjoy our Free Forex Trading Signal today: AUDJPY Price Action Analysis – 18th July 2017

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