AUD/JPY, Long setup, Downtrend Channel breakout
AUD/JPY has been in a downtrend on the 4H chart for the last 3 weeks, the down channel being a corrective structure of a bigger uptrend. Now we are looking on the price breaking out of the channel, suggesting a changing in forces on the market towards bulls side.
Long positions will be initiated if the price re-tests the downtrend channel or broken support line.
Enter - at the test of suport line 77.6x
Stop - below downtrend minimum 76.3x
Take Profit - around Fib. 0.618 extension or the previous downtrend maximum 80.6x
!Another TP can be considered around the Daily downtrend trendline 82.00
Looking for a risk/reward up to 1:3
Risk per trade 2%
!The idea will be invalidated if the price comes back in the down channel.
Long positions will be initiated if the price re-tests the downtrend channel or broken support line.
Enter - at the test of suport line 77.6x
Stop - below downtrend minimum 76.3x
Take Profit - around Fib. 0.618 extension or the previous downtrend maximum 80.6x
!Another TP can be considered around the Daily downtrend trendline 82.00
Looking for a risk/reward up to 1:3
Risk per trade 2%
!The idea will be invalidated if the price comes back in the down channel.