AUD/JPY 15-min chart long entry strategy playing out


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This was a live price action developing trade story. 

The objectives of the following are as follows:

  • Protect capital. 
  • Breakeven.
  • Hit 15-min profit target 1@ 75.35.
  • Hit daily profit target 2@ 75.44.

The bulls have just broken up from a bullish Reverse Head and Shoulders completion pattern on the 15-min time frame.

A retest and hold above the neckline and support structure could confirm the bullish bias for a long entry with a stop below the structure.

So far, so good

As can be seen, as time goes by, the trade set-up is solid.

Bulls will look to move to their stop that is protected by structure to a breakeven point on a break and hold above new upside structure around 75.33 at the time of publishing the latest update.

Breakeven achieved: 

Profit target 1 achieved:

Additional technical notes 

  • AUD/JPY is showing a 1-month high. 
  • Trend Strenght 4HR chart.

From a daily perspective, bulls hold above key structure as seen in the following chart with the upside target formed from the daily correction at wave 2. 

Fundamental backdrop

 

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