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Audjpysetup

AUDJPY 240MHello traders! In this trade we are looking for a momentum completion from line B to line D for 50 pips. We also have a 25 pip target between lines B and C if price goes that way. These trades can be taken with a buy stop order as a set&forget setup or we can wait for PA to close above line B as with the T1 and T2 levels. In the case of the T3 level, price blasted through too quickly to wait for a close above the line. It`s recommended to position stop no further away than 1:1 RR away from entry, although this may vary with markets and volatility. Best, Jay
Long
by TrapReversalTrading
AUDJPY Analysis: Price at a good entry levelPrice has been on the rise and following an ascending channel. It just reversed from a strong resistance level and currently at the support line of the channel. It is also currently at a horizontal support level. I am not sure of the next move but I see two possibilities: Scenario 1: Price may continue to follow the channel and bounce off upwards to test the resistance again. In this case we need to wait and confirm reversal to go long. Scenario 2: Price may break the support and continue downwards. In this case we to wait and confirm a breakout in order to go short. I would appreciate much to get your opinions on the pair in the comment section. If you agree with the analysis kindly hit the like button to show agreement.
by John_Mwaniki