AUDJPY Technical Analysis 11.9.2017
Just to add on to the article published on October 27 2017 “AUDJPY : Possible Bounce Higher” we can now see more bullish patterns that can push AUDJPY higher if it reaches levels lower. In the original article we had and still have a bullish pattern that triggers buys at the purple XA 0.786% (86.46) level. Below there are also other bullish patterns that trigger buys near this level. Red bullish pattern trigger buys at the XA 1.27% (86.28) level. Blue bullish AB=CD pattern trigger buys at the AB=CD 1.0% (86.00) level. Also watch for a break above the orange bullish Falling Wedge pattern. Break above this wedge pattern will signal that the downside is done and the bounce higher has commenced. Let’s see what the pair does and watch for the possible bounce if price makes another move lower.
If looking to buy AUDJPY traders should be patient and wait for price to make a move lower below or at the XA 0.786% Fib. retracement level at 86.46. Waiting for price to move below or at the XA 0.786% Fib. retracement level will offer a better risk/reward trade setup. Bullish view is invalidated if price moves below point X low of the pattern and stops should be placed at this level. The 2:1 RR and 4:1 RR is based on the buy trigger at the purple XA 0.786% (86.46) level.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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