I posted the Breakout strategy for AUDJPY yesterday.
The price came back within the range, and hit the ceiling !
I think our Breakout Strategy is still valid for today. Only the difference from yesterday is… the floor is not the cluster of DPP, WPP and MPP. Now the floor is the cluster of ONLY WPP & MPP, which I think is still a hardcore support!
My bias for this pair is … Long term neutral, Short term Long. For those of you who wants to buy this pair.
Hereis another setup beside the Breakout strategy.
Please look at the below M15 chart. According to the Stochastic, the price may come down a bit from the current level. If you are bull, then it is not too crazy to expect the price bounce up from DPP. Of course, it may drop down further to WPP&MPP zone. If that’s the case, you can long from there too.
Which strategy to use today? (out of Breakout, Long from DPP, Long from WPP&MPP) That depends on your bias.
But if you carefully monitor the price action of M5 and even M1 charts with the patient, you could avoid the losing trades, or at least exit with the minimum lost.
Hope this setup helps your analysis.
YJ Baik – Forex.Today @ Tokyo