AUD/JPY: bullish setup to $95.40 JPY
Updated
In this analysis, I see a potential long position in AUD. What I believe that based in the fundamental news, Japan has some bad news that I will share you more later what I read. But I iwll focus on technical analysis here:
In Daily timeframe, we see a AUD so bullish that could to continue in this way to my forecast, what break out this bearish trend line and RSI in Daily look strenght that may have demand in AUD.
in H4 timeframe, AUD/JPY forming a bullish channel, what based in price action, look bullish and I'm very focus in this analysis here. And also, in H1 timeframe look bullish. We see an ABCD pattern formed and we could to see a potential upside. Also to know, in H4 timeframe the price it's resting the EMA 200 like support and watching the grey zone over the EMA 200 work as support too combining those analysis.
Now, I'm bearish in JPY as there're some bad news in the Bank of Japan that you must to read, but more later I will share that. And in some hours, we have our big event about Reserve Bank of Ausralia Interest Rate Decision what I hope that become bullish
That it's all!!! I enter in $91.27 JPY. Stop Loss in $90.04 JPY and take profit to $95.40 JPY
Good luck
In Daily timeframe, we see a AUD so bullish that could to continue in this way to my forecast, what break out this bearish trend line and RSI in Daily look strenght that may have demand in AUD.
in H4 timeframe, AUD/JPY forming a bullish channel, what based in price action, look bullish and I'm very focus in this analysis here. And also, in H1 timeframe look bullish. We see an ABCD pattern formed and we could to see a potential upside. Also to know, in H4 timeframe the price it's resting the EMA 200 like support and watching the grey zone over the EMA 200 work as support too combining those analysis.
Now, I'm bearish in JPY as there're some bad news in the Bank of Japan that you must to read, but more later I will share that. And in some hours, we have our big event about Reserve Bank of Ausralia Interest Rate Decision what I hope that become bullish
That it's all!!! I enter in $91.27 JPY. Stop Loss in $90.04 JPY and take profit to $95.40 JPY
Good luck
Note
Ok, for the moment, to update in H1 timeframe, I'm focus in H4 timeframe. But this analysis as I mark an interesting point what I see in the sydney session at 12:00 am (U.S. Eastern Time), at that time that I was sleep. So, we could to got this short entry following this detail. But my analysis its in focus in H4
Note
Now, recently we formed like a bullish candlestick signal recently in the price action indicating bought in that zone. I'm still in long in this trade based my H4 analysis. And we see the formation of this bullish channel in H4 timeframe.
And then, we're in this pull back formed in Daily timeframe and the candlestick still bullish
Note
Pending in H1 timeframe what Im watching in AUDJPY now
Note
Checking out in 30 minutes, it's appear a weak zone that AUD/JPY preparing for sell. So, I decide to closed up manually as we see a sell zone here!!!
Sell AUD/JPY, EMA 200 work resistance there in 30 minutes
Note
Stop Loss in 91.54 JPY and take profit in 90.07 JPYNote
As this trade was a little hard. I will need to expand the knowledge when I'm trying to trade with volatile pars vs Yen. It's a another clue that I i will need to take some study of case for this. But based in my idea, AUD/JPY still bearish in H4 timeframe. look below But, I believe that I will need to reforce the technical analysis when I trade forex pars vs. Yen currency
Note
For example: As I'm keep shorting AUD/JPY when I identify the key Daily timeframe that AUD/JPY it's developing a resistance key in the EMA 200, it's very clear that AUD look weak than Yen.
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