AUDJPY Price Action Analysis – 30th Oct 2018
AUDJPY might have found a strong level of Support. The H4 chart shows that the price is heading towards the North. Today’s price action has been Bullish too. Thus, a breakout towards the North would make the price go towards the North further. Let us have a look at the H4 AUDJPY chart.
The level of 79.220 seems to be a very strong level of Support. The price reacted heavily to this level earlier. Now have a look at today’s first H4 candle. The candle came out as a strong Bullish candle. The next candle (current candle) seems to be Bullish so far. If the price continues to go towards the North and makes an H4 breakout at the level of 79.720, then we would have to wait for a correction and an H1 Bullish Engulfing Candle right at the breakout level to take a long entry. Let us have a look at the summary of the trade…
- Buy Stop Order: 79.720
- Stop loss: 79.220
- Take Profit: 80.530
- 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
There is a good thing about AUDJPY. The pair makes a breakout, correction and produces the signal candle entry well ahead than other pairs. AUDNZD is like AUDJPY as well. The reason behind that is the AUD, the JPY and the NZD they start their working hour ahead of other pairs such as the USD, the GBP, the CAD, etc. Almost all the JPY pairs look good today. However, I assume it would be AUDJPY to offer the entry earlier than other pairs.
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