Hi Traders! AUDJPY forecast update and follow up is here. On November 5th I shared this “AUDJPY Buy Idea Based On Multi-timeframe Analysis” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea:
AUDJPY H4(4 Hours) Chart Current Scenario
So based on the multi-timeframe analysis shown above I mentioned that “On the H4 chart if we get a valid breakout above the downtrend line we may then expect the price to continue higher further”. The price action followed my analysis and the validation for the bullish view which is a valid breakout above the downtrend line happened as expected. The price then moved higher further and delivered 170+ pips move so far.
The market provided us with various facts supporting the bullish view here. On the H1 chart we had a pullback in the form of double wave down with continuing bullish divergence that has formed between the two waves. The price then moved higher and broke above the most recent downtrend line. And also it moved higher further and broke above the H4 downtrend line as well, the price then moved lower and retested this breakout before bouncing higher. We may consider these as facts provided by the market supporting the bullish view. Most importantly there were no opposite signs and as you can see in the screenshot below how the price moved higher after that.
So traders when it comes to trading, there are various important factors that we need to pay attention to, just because we have a good setup doesn’t mean that we can enter the trade randomly and it will pay us huge profits. First of all, we need to validate the entry and we should have a perfect entry plan to get into the trade which is a key factor when it comes to trading. This AUDJPY forecast is a perfect example of this scenario.
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To your success,
Vladimir Ribakov
Certified Financial Technician
