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UnknownUnicorn20140090

AUDJPY - REVERSE H&S LONG

Long
Australian Dollar / Japanese Yen (FX:AUDJPY)  
UnknownUnicorn20140090 Updated   
FX:AUDJPY   Australian Dollar / Japanese Yen
Trend Analysis Chart Patterns Wave Analysis AUDJPY LONG reverseheadandshoulders
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trendanalysis chartpattern waveanalysis audjpy long reverseheadandshoulders
AUDJPY has created a reverse H&S pattern on the daily time frame with higher high for the neckline - which is ideal for a bullish reversal pattern. The neckline was tested recently and price got rejected to the upside. Notice how price also retraced to the 61.8 % fibo based on the last impulse. Buy on break of channel and retest of nearest support level on lower time frame.

Comment:
Price broke the channel as expected. Looking for it to retest before entering buy.
Comment:
Very close for a retracement.
Comment:
Almost 800 pips gained from this analysis. Wow!
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