AUDJPY 4H Long Position Ascending Support Bounce
AUDJPY has been consolidating into a symmetrical triangle on the 4H chart. Bullish divergence (lower low, higher high) shows that a trend reversal might be coming soon.
Assuming price action continues lower and the stochastic is showing an oversold reading, I will enter long on an engulfing bull candle at the break of 82.05 with a stop loss at 81.75 and a profit target of 82.50 (just below key resistance level) for a 1.5:1 trade.
Assuming price action continues lower and the stochastic is showing an oversold reading, I will enter long on an engulfing bull candle at the break of 82.05 with a stop loss at 81.75 and a profit target of 82.50 (just below key resistance level) for a 1.5:1 trade.