Long AUD/JPY
Possible head and shoulders bottom formation on the 1HR chart.
The pair has been retracing from a bullish trend and this is a good opportunity to go long in tandem with the trend.
Red arrow shows the bullish divergence between price and rsi (1hr chart)
Head and shoulders target 1 comes in at around 101.40 which should provide a good place for take profit.
Stop loss is below the low.
Currently price is trading above the neckline
risk reward of around 1:2
The pair has been retracing from a bullish trend and this is a good opportunity to go long in tandem with the trend.
Red arrow shows the bullish divergence between price and rsi (1hr chart)
Head and shoulders target 1 comes in at around 101.40 which should provide a good place for take profit.
Stop loss is below the low.
Currently price is trading above the neckline
risk reward of around 1:2
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