AUD/JPY 15-min chart long entry strategy playing out
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
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
