Possible setup – This setup might not happen if the bearish price action/direction continues further. I think this is possible based on the fundamentals of Aus/China/India which is weak and the Yen which is strengthening at the moment.

AUDJPY Potential Long setup

I have been watching this pair since April, and following Daniel Chan's posts on this pair. I will enter a long setup at any of the three levels i have marked on confirmation on EMA5/8 and Stochastics on 5 min chart (attached below) on any of the Fib levels (23,6 or 38,2 or 50) which indicate support and reversal. Stochastic has correlated with the S+R i have indicated on the chart. Will wait for 50 or 61.8 level if necessary as 74,5/75 area has served as major support areas in 2010/11/12 and now again. On the 1h and 4h chart it seems as if a double top might be forming at 78 price and if so, i will probably only look at the 50/61,8 Fib levels as possible long entry points. Will not close this trade as i hope it will run to 80.67 which area will serve as support.

Source: MT4

AUDJPY Potential Long possible entry points

Possible entry points for the above setup

Source: MT4

One thought on “AUD JPY LONG TRADE PLAN”

  1. Wayne McDonell - TradersWay.com says:

    Thank you. I look forward to seeing more of your posts and forex trading ideas!

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