AUDJPY Price Action Analysis – 5th April 2018
AUDJPY has been trying to make a Bullish move on the H4 chart. We see some Double Bottoms, which suggests that the pair has found a strong level of Support. Yesterday’s Daily candle came out as a strong Bullish candle as well. The first H4 candle today came out as a Bullish candle, but the next one came out as a Bearish Engulfing Candle. There is a level nearby, which has the potential to be an intraday Support level. If that level is held by the H4 chart and it produces an H4 Engulfing candle later today, then an H1 breakout towards the upside would get us some green pips. Let us have a look at the H4 AUDJPY chart.
The level of 82.000 has to be held and to produce an H4 Bullish Engulfing candle. Then we would wait for an H1 breakout at the level of 82.475 to take the long entry. After the breakout, the price would reach the level of 83.200 without having too many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 82.475
- Stop Loss: 82.000
- Take Profit: 83.200
- 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
This trade setup offers 1:1 risk and reward ratio. This is not what we love as far as the risk and reward ratio is concerned. However, the best thing about this trade setup is it does not take too long to hit the target. The price keeps going without having long pauses towards the trend’s direction once the breakout has taken the place.
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