FXDAH

AUDJPY phase 1 continuation up

Long
FX:AUDJPY   Australian Dollar / Japanese Yen
AUDJPY looking for resumption of phase 1 continuation of uptrend on the daily timeframe . Phase 1 moves up are generally twice as long as pullbacks (phase 2) meaning daily chart indicating resumption of phase 1 is imminent which will be confirmed by candlesticks on lower timeframes starting bullish . Also looking for price to come back up towards 200 EMA around the .72 level further confirming the decent risk:reward ratio here. Last daily candle was strong and bullish so waiting for buyers to clearly resume the uptrend before entry, maybe one to watch this space on. I like to keep my charts fairly vanilla but MACD is building back up through 0 again which gives me further confidence.

In the grander scheme, I am expecting stronger Yen over the foreseeable but this shouldn't jeopardise the trade too much (famous last words).