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AUDJPY Trade Setup (Jan 22)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2016-01-22_15-41-55-AJ5

YEN has been weak for the last couple of days, and thus AUDJPY has gone north, after making Double Bottom.

In fact, this is one of the textbook reversal patterns – Double Bottom + Higher High.  (Bullish divergence is a plus!)

When we see this patter, we should look for Higher Low, and buy!

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Here are the possible buy zones.

As usual, we should look for Fib38.2-61.8% area

Special notes …

a) There is a DPP at Fib50%.
b) There is a WPP at Fib61.8%.

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The target should be 84.50.  (Measure the length of the neck line and extend it)

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Hope this setup helps you build your own.

 

 

YJ Baik – Forex.Today @ Tokyo

 

One comment on “AUDJPY Trade Setup (Jan 22)”

  1. Profile photo of Joao  Pascoal
        January 25, 2016

    Ola YJ thanks for Your sugestions

    All the best

    joao pascoal cheers from Portugal

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