GBPJPY Technical Analysis
On March 17/2020 I posted on social media (Stocktwits/Twitter) @AidanFX “$GBPJPY will extend lower towards 126.60 area.“
GBPJPY 1 Hour Chart 3.17.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX March 17/2020 showing that a bearish divergence pattern (purple) was forming on price and indicator. The GBPJPY chart shows that price action was respecting the support/resistance zone (grey) and was also respecting the moving average (light blue) which was why I called for traders to watch for a move lower towards 126.60 area.
GBPJPY 1 Hour Chart 3.18.2020 : The pair dives lower over 600 pips and hits the 1:7 RR Target for +590 pips where I eventually banked profits. If you followed me on Twitter/Stocktwits you too could have caught the GBPJPY drop lower.
AUDJPY Technical Analysis
On March 17/2020 I posted on social media (Stocktwits/Twitter) @AidanFX “$AUDJPY watch for a move towards the 63.35 – 62.25 area.“
AUDJPY 1 Hour Chart 3.17.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX March 17/2020 showing that a bearish divergence pattern (purple) was forming on price and indicator. The chart shows that price action was entering the support/resistance zone (grey) where price can reverse lower from if respects the zone. Price was also respecting the moving average (light blue) which was why I called for traders to watch for a move lower towards the 63.35 – 62.25 area.
AUDJPY 1 Hour Chart 3.18.2020 : The pair reverses lower off the support/resistance zone (grey) and moves lower to the 63.35 – 62.25 area. Price was showing strong momentum lower and eventually hit the 1:4 RR Target for +430 pips where I eventually banked profits. If you followed me on Twitter/Stocktwits you too could have caught the AUDJPY drop lower.
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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