We are looking to reload the AUDJPY as the technicals and fundamentals still support the position. We were caught with an initial fake breakout during the last trade, let’s see if we can make that back and then some!
AUDJPY – 1 Hour Charts
We have now seen a breakout and a retest of the bull flag formation. The 80.00 support should provide a base moving forward.
Trade Setup: BUY Market Execution, current price 80.21, stop loss 79.71, and take profit targets 81.01 and 81.51.
Stop loss: 50 pips
Take profit: 80-130 pips
2nd Feb trade (now closed)
Good afternoon team,
A nice technical setup leading into the RBA statement at 2:30 here on the AUDJPY. We are seeing a possible bull flag breakout which aligns with the market consensus. The market is expecting an increased growth forecast from the RBA and policymakers throughout the week.
AUDJPY – 4 Hour Charts
Targets can be found at the 81-81.50 resistance zone.
Trade Setup: BUY Market execution, current price 80.26, stop loss 79.76 and take profit 81.00-81.50.
Stop loss 50 pips
Take profit: 74-124 pips