AUD/JPY: an upside breakout to push the price towards the North further


AUD/JPY has been very bullish on the H4 chart. The pair started its trading day with a strong bullish move on the intraday charts as well. The price has been on consolidation. It may come down and make another bullish move to make a new higher high.

AUDJPY

The chart shows that the price after being very bullish made a downside correction. It surged towards the resistance but did not make any breakout. It may come down towards the level of support. If it produces an H1 bullish reversal candle around the level of 75.7000 and makes a breakout at the level of 75.97035, it may head towards the level of 76.0990 with good bullish momentum.

 

Trade Summary

Entry: Buy above 75.97035

Stop Loss: Below 75.7000

Take Profit 1: 76.0990

Take Profit 2: 76.2010

Take Profit 3:  76.3650

 


 

Try Secure Leveraged Trading with EagleFX!

Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD hits two-month lows amid USD strength

EUR/USD has pared its gains that followed upbeat preliminary PMIs for Germany came out above expectations, pointing to a recovery. The USD is advancing amid fears of the coronavirus.

EUR/USD News

GBP/USD drops below 1.31 amid USD strength, fails to sustain PMI gains

GBP/USD is trading below  1.31 after hitting a fresh high of 1.3172. The UK Manufacturing PMI beat with 49.8 and Services PMI with 52.9. The USD is gaining ground across the board.

GBP/USD News

Cryptos: Bears take over and draw a bloody moon

Despite appearances, Bitcoin is the asset with the best risk/benefit ratio. The current falls are adjusted to the ranges of the previous rise. Downward momentum expires in the first half of February.

Read more

Gold rebounds above $1560

The XAU/USD pair dropped to a daily low of $1556.70 during the European trading hours as the easing worries over coronavirus becoming a global epidemic and a broad-based USD strength put the pair under bearish pressure.

Gold News

USD/JPY drops to two-week lows near 109.30

The USD/JPY pair reversed its direction during the American trading hours as the risk-off atmosphere allowed the JPY to find demand as a safe-haven.

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures