I posted AUDJPY Long Trade setup last Friday.
The price continued to drop from my focus zone, but I think this setup is still valid.
The basic idea behind this setup was
a) Daily Ichimoku Cloud will support the price
b) At the bottom of up-channel on Daily (regular) chart
c) On H4, the price broke 55EMA and forming Double Bottom??
The above 3 elements are still valid.
As a trigger, here is the hourly chart that I showed on Friday.
(Posted on Friday)
And here is today’s chart.
The price went up to 55EMA and down. Thus this pair may form Double Bottom or even Higher Low.
As a Buy zone, we could buy this pair now, or you could wait for the next Higher Low to be more conservative.
The market is very thin this week.
So I am not strongly suggesting you to trade.
But I hope this analysis will help you build up your own trade plan.
YJ Baik – Forex.Today @ Tokyo