We are watching today the consolidation in the AUDJPY for a possible long entry. On a daily chart, we are seeing the retest of the previously broken upside resistance 82.400 level. Today price action is not giving much clues either to the bulls or to the bears, but since we had a retest yesterday and today and the intraday bounce of indicated 82.400 level we are giving the higher probability to a long trade entry with a good risk reward.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. By placing a long order at the market you would risk 40 pips from the entry and your target would be near the 100 SMA 84.680 level.
Happy trading! (click on the chart to enlarge it)
The broker of our choice! Open the account and get the discount for our services!
Crypto and Forex managed accounts!
CRYPTO AND FOREX MANAGED ACCOUNTS
Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position Risk Free. We are publishing 5-10 trade alerts per week via real-time Private twitter feed!