We are awaiting confirmation before entry on AUDJPY, firstly we will wait for price to enter our retest area 74.214 - 74.131 (highlighted orange). Once a 1 hour candle has gone into our safe zone we will now wait for our first confirmation which will be for candle to retrace back up from retest zone and close above 74.214 once we have this confirmation we can make our long entry.
Once entered we will have a two step take profit to break-even structure placed for the trade. Our take profit 1 will be positioned at 74.549 (0.56%) once hit we will have half the position closed out and remainder running with stop loss at break-even and take profit 2 at 74.848. Completion of full trade will net you 0.98%.
NOTE OF INVALIDATION:
Do not enter trade if you see ANY 1 hour candle close below the retest zone 74.131.