AUD/JPY Moves Higher As Expected

The AUD/JPY chart below was posted on Jan. 30, 2021, illustrating that any dips against the invalidation level at 79.19 should be looked at as buying opportunities. The wave count was calling for another push lower where the wave ((ii)) (black) would terminate, which would signal for buyers to get in the market.

AUD/JPY One-Hour Chart for Jan. 30, 2021

AUDJPY, elliottwave, trading, forex, @AidanFX, AidanFX

On Feb. 2, 2021, I posted on social media: “AUD/JPY - as long price stays above 79.19, the pair can push higher.” 

AUD/JPY eventually moved higher, and on Feb. 5, the price hit the 1:2 RR target at 80.78 from my 79.72 buy entry for +106 pips. We continue to remain bullish on this pair, and I expect for the price to push higher as long as it remains above 79.53. My stops will be moved to the 79.72 entry, allowing me to be risk-free.

AUDJPY One-Hour Chart for Feb. 5, 2021

AUDJPY, elliottwave, trading, forex, @AidanFX, AidanFX

Like any strategy, there will be times when the technique fails, so proper money/risk management should always be used on every trade.

Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...

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