AUDJPY - [LONG] Second Scenario

FX:AUDJPY   Australian Dollar / Japanese Yen
Display: FX:AUDJPY            

Description: As shown above we have FX:AUDJPY             . Currently this pair is
Bullish , Since breaking out of consolidation early March. As explained in the post before this we have 2 scenarios present, There is a possiblity we could close above monthly Resistance 86.40 - 86.70 we would likely wait for a pull back to that zone then LONG to 87.000 Then 88.000.

On the Monthly we have a Bullish Engulfing candle, Weekly also Bullish & on the Daily currently we have a spinning top which has bounced off the 200 EMA . failure to close above the 200 EMA will likely see price decline/retrace. At the current price we have double/triple top if we do not close above. However a close above Monthly Resistance will show the buying power is not exhausted and could likely see higher highs.

Using these indicator/s: [200 EMA ,20 EMA ,10 EMA] On the 1HR We can see the 200 is acting as magnetic Support since the beginning of the week. Higher time frames we have the 10 20 EMA heading North, On the 1HR less bullish .

Duration: Short Term

Decision: I will BUY this pair on the break of the Monthly Resistance as it's held twice before, a break of this could see the same resistance line turn into strong support in the weeks to come.

Trade Setup:
Entry: 86.400
TP 1: 87.050
TP 2: 87.500
SL: 86.000 - 85.800

Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post you analysis below.

Remember to always trade your stratergy... Happy Trading

Useful Information:

TREND: Bullish

INDICATORS: Moving average

Trade active
Trade closed: stop reached

previous posted position 1st scenario
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