Today’s AUD/JPY signal
Risk 0.33%
Trade should only be taken during Asian trading hours, perhaps early Europe. Should also coincide with other XXX/JPY pairs rising. If it is the sole XXX/JPY market going higher, stay on the sidelines.
Trade 1 – buy
Buy AUD/JPY at 97.10
Stop loss at 78.50
Take profit at 80.80
Trade 2 – sell
Sell AUD/JPY below 78.50
stop loss at 79.10
Take profit at 76.50
AUD/JPY Analysis
Across the Forex world right now, it appears in the Japanese yen is weakening. Because of this, I feel that this market may act in sympathy, and quite frankly it’s not surprising to see the buyers enter. After all, the Australian dollar held its own overall over the last 48 hours while gold fell apart. Because this, I feel that the buyers probably continue. However, that’s not to say that we won’t pull back from hearing continued consolidation, which is what the sell trade would be all about.
