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Magnatrio

AUDJPY Analysis

Long
Australian Dollar / Japanese Yen (FX:AUDJPY)  
Magnatrio  
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Chart Patterns Beyond Technical Analysis smartmoneyconcept AUDJPY audjpylong audjpyanalysis audjpyidea audjpysetup audjpytradeidea smartmoneytrading
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trendanalysis chartpattern beyondta smartmoneyconcept audjpy audjpylong audjpyanalysis audjpyidea audjpysetup audjpytradeidea smartmoneytrading
My analysis on this one is based on a Smart money concepts that some retail traders hardly ever use. We have a retail support zone that was violated (Manipulation), and resulted in us having an Order Block. I scaled down to the H1 to properly identify the Order block candle. price has since been bullish. Ideally, after an Order Block is formed, we expect price to come back and retest the area before continuing its movement. Price indeed did come back (by forming a correction down). Price has violated an intra-resistance line and is currently showing bullish momentum. I will be waiting for price to break out of the correction in order for me to take any long trades.

*Disclaimer*
This is not financial advice. Forex trading is a risky business. Trade at your own risk. Patience and risk management are crucial.
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