AUDJPY – Breakout Setup Profits, Key Level Holding | Feb 16
AUDJPY – Break Above 20 EMA Profits, Holds 2nd Test (4hr chart)
In our weekly market commentary, we talked about the AUDJPY showing signs of exhaustion and likely reversing to start the week and that clearing above the 20 ema and dynamic resistance + 80.54 would likely lead to a move up towards 81.80.
As you can see from the chart below, this is exactly what happened with the pair climbing to start the week. Myself and many of the members profited from this trade setup so congrats to them.
What was more interesting was the break above 81.80 and then the sell off. If you look at the daily chart, you’ll see the pair touched the 20 ema and sold off from there.
12 hours of selling later and the pair landed right back at this 80.54 key level and has since bounced about 50 pips since. As long as this level holds, then 81.80 will be on deck.
However a failure here puts the bears back in control with another likely attack on 79.25 and the 78 handle. Hence plays on both sides here.
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