AUDJPY double bottom buys from 89.60
Vasl Capital
AUDJPY·
Apr 24 2023
Stop Loss -0.47%
Holding time 2hr
89.588
Entry price
89.169
Stop loss price
Coming to AUDJPY, it seems the pair is off to the bullish trend with the structure formation of higher highs and higher lows. With that straight upward curve, we will only look for buys at the support level. The support level we have drawn is priced at 89.60, which if tapped, will form a double bottom. The price action is necessary to look upto at this point as we need to see a bullish engulfing to continue it moving up.
The ascending trendline is blanketing the price action and apprently, it seems to be rejecting it with the wicks.
There is no retracement indication in this setup.
EMA 50 is still bullish, but temperorily broke out towards the sell side. Once it manages to break back up towards the bullish side, We will have a further confirmation for the move up.
RSI is at 47. It needs to dwell into the over sold region and form a divergence at the chart. Even if it does not head towards the over sold region to form a divergence, we can still have the over sold region as the exhaustion point.
CONCLUSION: BULLISH
