Ceddy86

Symmetrical Triangle Setup on AUDJPY with a Target of 83.50

Long
OANDA:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis
The main view of this trade idea is on the 2-Hour Chart. The FX Cross AUDJPY appears to be in a symmetrical triangle setup with the support line along the higher lows of 77.87 and 78.80 while the resistance trend line is at 82 and 81.35. There appears to be a breakout in the resistance trend line . Expectations are for AUDJPY to rally towards 83.50. Failure of this move will be observed if AUDJPY declines towards 79.75.

Technical Indicators
AUDJPY had positive crossovers on its short (50-MA) medium (100-MA) and long (200-MA) fractal moving averages. The FX Cross is trading above these respective MAs. Technical indicators are also complementing the bullish nature of the current setup. The RSI is trading above 50 while the KST recently had a positive crossover.

Recommendation
The recommendation will be to go long at market, with a stop loss at 79.75 and a target of 83.50. This produces a risk/reward ratio of 1.35.

Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in AUDJPY .
Trade closed: target reached: Move Stops to Break Even and Monitor for Change in Trend