Hey everyone! Just making a quick post as I have noticed a significant amount of ideas saying that audjpy has broken out to the downside. But, have they considered all possible lines of support? No.
2 Key things here:
Firstly, If we reconnect the support after the lowest spike, we find ourselves having a nice support, which audjpy has not yet...
We are currently looking at EURJPY, with a possible short setup, looking for some rejection off of the resistance. If it breaks through there will be no trade. However, if we see rejection and confirmation, we will short this position to the support line. Risk/Reward - 5.02
As seen on the previous 2 ideas, we have had our rejection, our confirmation (which I already traded on M3 and took profits). We are all systems go for this trade. However, always maintain an appropriate risk, and do not take my advice as professional information!
As we have seen on the previous DAILY "Potential Long Position", our analysis is being verified, and looks as if the long position is ready to take. Once again, you may have to look at smaller time frames to seek a better entry.
Overall Trade Quality - Good
A Quick Daily Prediction based off support/resistance and key horizontal levels for exit - Risk/Reward = 2.15. Note: Wait for a retest before buying. However, if middle support is broken - invalid setup.