AUD/JPY: Buyers eyeing on the breakout level for a reversal
|AUD/JPY has been bullish on the daily chart for the last four trading days. Yesterday’s candle came out as a bullish candle too. The H1 chart shows that the price made a breakout at yesterday’s highest high. The price upon finding its resistance made a bearish correction. The breakout level holds the price as of writing. If the level produces a bullish engulfing candle, the buyers may get an opportunity to go long on the pair.
The chart shows that the price made a breakout at the level of 66.640. The price kept going towards the North for four more candles. Upon producing a doji candle, the price came down at the breakout level. As of writing, the breakout level holds the price. If the level produces a bullish engulfing candle, the buyers may go long above the level of 67.420.
Trade Summary
Entry: Buy above 67.420
Stop Loss: Below 65.850
Take Profit 1: 68.065
Take Profit 2: 68.335
Take Profit 3: 68.770
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