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AUDJPY: Longs to 78.000!


4hr Time Frame: Reading price we can see that AUDJPY is on an uptrend. With that being said we should be looking for long term buying opportunities at support. Right now, price is testing a 4hr support zone in confluence with an inverted head and shoulder formation. Notice how price closed off a bullish pinbar rejection candle.

 

1hr Time Frame: Scaling down to we can see price creating a double bottom formation at our 4hr support zone. If price manages to test that zone again and hold above, look for long opportunities to 78.000 key psychological resistance. However, if price breaks, we will reevaluate. Due to the uncertainty of market fluidity, risk management is highly recommended.

 

Strategy:

- Trend: Up

- Support/Resistance: Yes

- Candlestick Reversal Formation: Inverted h/s, W, Pinbar

 

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