AUDJPY Potential Long Setup

FX:AUDJPY   Australian Dollar / Japanese Yen
543 7 35
Price in AUDJPY             is in a consolidation, moving into a triangle pattern . In MACD we have a huge divergence which shows we might soon have a breakout above the triangle. In this case we should wait for a smaller correction, watch for a buy setup and go long.
Comment: Price broke above the pattern. Keep an eye for a buy setup..!
Comment: As expected price pulled back after the breakout to test the broken upper bond of the pattern.
Thanks Fxprotrader, I like your analysis.
i have a question though, how do you determine that you have a buy setup? Do you wait for the correction after the break of the pattern?
It depends on your strategy Yassine.. But when we have a reversal pattern it's a nice idea to wait for a correction, or price action before entering. If it's a continuation pattern, most of the times a breakout is just fine. But still depends on your way.. I hope that helps..!
+1 Reply
Yassine Fxprotrader
It does! Thanks.
Break :)
Nice. I also added a long on audjpy at 79.08 to 79.145 with stop loss 78.

I expect aud GDP data for Q1 to be good, which is release next wed. Esp Q1 we see bound in iron ore prices and manufacturing in march.
+1 Reply
Fxprotrader KhairulFikri
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