Buy AUDJPY Megaphone Pattern

The AUD/JPY pair on the M30 timeframe presents a potential buying opportunity due to the presence of a well-defined megaphone pattern. This pattern, characterized by expanding channel lines, can suggest both bullish and bearish continuations depending on the context. However, in this case, certain factors point towards a potential upside move.

Buy Entry: Consider entering a long position around the current price of 98.28, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bullish targets lie at the previous resistance levels within the megaphone, now acting as potential support zones: 98.73 and 98.94. Further upside targets could be determined using other technical analysis methods like Fibonacci retracements or extensions.

Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the megaphone, ideally around 97.95. This helps limit potential losses if the price reverses and breaks back downwards.

Thank you

Zlecenie aktywne

Komentarz:

In Profit

Transakcja zamknięta: osiągnięto wyznaczony cel: