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| AUDJPY - Daily Chart |
As you can see that this particular pair has been in bullish trend after there was a big bullish pin bar formed at 75.50. That was the key support level for this pair.
The price has been moving upwards but it finds difficulties in breaking through the resistance level (82.500) which turned from support level in the past. It is only until last Friday a breakout occurred and the price able to break and closed above the resistance level. It suggests that the market now have enough buyers to push the price upwards and sellers are now leaving the market. We anticipate that the price will rally after such breakout. The next resistance level is at 85.00 as shown in the graph above.
The setup of this trade is as follow:
Entry : 82.926
Profit Target : 84.500
Stoploss : 81.830
Reward : 1,574 pipettes
Risk : 1,096 pipettes
R/R ratio : 1.4
(Note: The above calculation not inclusive of spread charged by different brokers)
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