AUDJPY has been Bearish on the H4 chart. The pair took a strong Bearish move and then had a correction. Today, the H4 chart produced a good-looking H4 Bearish Engulfing Candle. It is now time to wait for a breakout towards the South to take a short entry. Let us have a look at the H4 AUDJPY chart.
Have a look at today’s H4 Bearish Engulfing Candle. The level of 82.840 is the level of Resistance here. If the price continues to go down and makes an H1 breakout at 81.755, then the price would head towards the level of 80.300 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 81.755
- Stop loss: 82.840
- Take Profit: 80.300
- 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
All the JPY pairs look very active today. I assume JPY pairs might get traded heavily by the traders to finish this month off. It seems that the JPY pairs are going to offer entries for the retail traders soon. Thus, it would be a good idea to keep an eye on JPY pairs with more concentration. Let us hope that other major currencies such as the USD and GBP make some strong moves along with the JPY. If these three currencies come into play, then surely the Forex market will get back to its usual rhythm. Holiday months are almost over. Thus, the big traders, hedge farms, financial institutions will come back to their usual trading. Let’s hope it happens sooner than later.
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