Welcome to our Trade Setups - April 06th ( AUDJPY ) !
ENTRY LEVEL @ 84.194
SL @ 84.827
TP @ 82.298
Max Risk: 1% - 3%!
Risk/Reward Ratio: 3
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Since the beginning of November, AudJpy has risen 800 pips (more than 10%) and, as we can see from the chart, it almost has no correction.
I think things are about to change and the pair will dive.
From the technical point of view, AudJpy made a small double top after it passed above 80 and the Friday close found the pair just in confluence support of the...
As we can see, The AUDJPY has formed an Ascending Triangle pattern,even though this is a bullish chart pattern. Breakouts can also happen in both directions. Statistically, upward breakouts are more likely to occur, but downward ones seem to be more reliable.
This analysis is based purely on Technical analysis , Fundamentally, the Australian Dollar is stronger...
AUDJPY - See a pennant structure forming here. Will be waiting for a breakout of this pattern before entering a position. Currently near a strong hourly, and 4 hourly resistance level as well, so if we break upside, and break above the resistance we can look to add more positions.
As can be seen in the chart, I expect AUDJPY to hit the 69.700 level soon, because of a strong uptrend over the past several days, plus this pair has easily breached the previous strong resistance level of 69.200 from the month of March. I see it touching 69.700 soon.
Aussie dollar kinda boosted up this week, but we are still long-term bearish on this quote. If we broke this horizontal Level, it would be a bearish sign. Keep in mind, that there is still a chance for continuation to the upside of the market. So sit on your hands until price action tells you what to do.
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Expecting More downside on AUDJPY. Watch top for sell