AUDJPY didn’t respect Tenkan Line on Daily Chart!

Well, let’s hope it will respect Kijun Line, this time.

Currently on Daily Ichimoku Chart, Kijun Line (Blue line) is located at 88.60.  This price may be the buy zone.

2015-12-08_15-14-10-AJ1

 

Here is the regular H4 chart.  88.60 happens to be Fib 50% level.   So if the price continues to drop down to this level, I will consider to buy.

Alternatively, the next buy zone will be either 200EMA or Fib 61.8%.

2015-12-08_15-15-38-AJ2

 

Hope this analysis helps you build your own trade plan.

 

YJ Baik – Forex.Today @ Tokyo

 

8 thoughts on “AUDJPY Trade Setup Cont. (Dec 8)”

  1. Artem says:

    Thank you YJ

  2. Essam Mohamed Saied says:

    Thanks YJ for the analysis.
    Also price is showing on stochastic indicator in H4 divergence which confirm on the longer term bullish bias. but I’m skeptical in the bullish trend due to fundamentals of china

    1. YJ Baik - Forex.Today says:

      Thanks Essam for your comment.

      I do understand your concern about China. But at the same time, I think the economy in AUS is coming back…

      So I wouldn’t mind buying AUDJPY.

      Another reason why I only buy AUDJPY is that I am carry trading.

      Best
      YJ

  3. Dimitar Ivanov says:

    Currently, we are at the 88 area. There is a chance for tripple bottom. If it does form, then I’ll be waiting on a hommock. There are monthly and weekly cluster of pivots at the 88 area. Price is also at D1 55.

    @ YJ, I am struggling to set a take profit of this trade. The minimum I would expect is WPP (89.71). However, based on monthly pivot points, it could go up to MR2 (91.8). What would you say its the right strategy here? By the way I am trading on a demo account, therefore no pressure. I am just asking as a learning experience.

    1. YJ Baik - Forex.Today says:

      Sorry Dimitar, that I couldn’t reply to you in a timely manner.

      Typically for AUDJPY trades, I don’t set TP because I am carry trading.

      But generic idea about Profit Taking is…

      For Carry Trades & Swing Trades, I don’t set TP. Just trail SL, based on Price Action or P SAR.
      For Day Trades, I set TP based on
      a) Fibonacci extension (EG: Fib38.2 -> Fib168.2%)
      b) Pivot Theory (M3 -> M1, M2 -> M4, etc)

      This could be a nice question to ask Wayne during the session. Wayne could give you much better answer.

      Best,

      YJ

  4. Dimitar Ivanov says:

    Also, all stoch as in line. Just waiting on the 15 min one.

  5. Dimitar Ivanov says:

    Also, would be correct to assume the H1 moving average is more important than the H4? I am just thinking of today’s trade (GBP/JPY).

    1. YJ Baik - Forex.Today says:

      Hi Dimitar,

      I think 21EMAs on D1, H4, H1 & M15 are all important. (I am sure you know that) The thing is… the effect of H1 21EMA will come before H4 21EMA…

      Best,

      YJ

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