mattfayofficial

audjpy potential long entry after descending triangle breakout

FX:AUDJPY   Australian Dollar / Japanese Yen
Hi traders,

Just doing my analysis for the week and thought I would throw up some of my ideas for consideration.

I have noticed a double bottom form within the descending triangle here recently. My theory is that if price breaks through the resistance level at around 83.500 there will be room for an entry up to around the 88.000 mark which will complete the double bottom pattern.

Correct candlesticks for entry, deceleration and a run will be required. Currently the last week or so suggests it is in a pullback phase, choppiness is at 58 also. Low test candle on 24/2 would suggest that price is moving long for now so I have confidence price will break through and we will see a run up to 88.000.

Any suggestions or feedback are welcome. Interested to hear any opinions or thoughts.

TIA!

Cheers.
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