ZetaLabs

14 June: AUDJPY could see a bounce here

Long
FOREXCOM:AUDJPY   Australian Dollar / Japanese Yen
Hi everyone! Looking to play a small bounce on AUDJPY here, in line with our bullish view on the bigger time frames. On the daily time frame, prices are holding above the ascending trend line and we could see a further upside from here. When we look at the H4 time frame, prices are testing the 78.6% retracement as well where we saw a slight bounce above this level. Going down to the H1 time frame and taking a retracement of the last move, we can see that prices are pulling back to the 78.6% retracement where we could see a bounce here, in line with the entry level. Stop loss is placed slightly lower than the previous low and our take profit target is at the -27.2% retracement. What are your thoughts on AUDJPY?
Order cancelled: entry missed, TP reached

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