I have posted this AUDJPY trade setup several time, but finally it seems to be ready.
The basic idea was … Double Bottom + Higher High on H4 chart, and try to buy from the next Higher Low. Now the price may be at Role Reversal Support, which potentially could be “Higher Low” that we were waiting for.
Previously on Hourly chart, I said the buy zone would be Fib38.2-61.8% zone. So far, this price seems to have bounced up from this sweet spot. Also notice Stochastic has shown Bullish divergence.
It’s not too late to buy this pair.
On M15 chart, Stochastic is now in the Overbought zone. So we can expect a mini-pullback.
I would like to buy this pair from the next Higher Low. (check of Stochastic to gauge the bottom)
Alternatively, if the price makes Higher High, then we can buy this pair from the retest.
Hope you find this setup helpful.
YJ Baik – Forex.Today @ Tokyo