AUDJPY pair seems to be at the interesting buy zone.
Looking at Hourly chart below, the price seems to have bounced up already, from DPP, WPP pivot cluster.
So let’s setup the Long trade.
Currently, the price is in the down Stochastic cycle on M15 chart.
Let’s wait until this down cycle is over, and starts the up cycle.
When the up cycle starts, check out the price. If the price doesn’t make Lower Low (thus, either double bottom or Higher Low), then we can buy this pair.
Since the price bounced from 55EMA on Hourly chart, the target can be Prev High which is 89.00 ish.
Of course, if you are carry trader, then you don’t need the target right?
Hope this analysis helps you build your own.
YJ Baik – Forex.Today @ Tokyo