AUD/JPY Forex Signal - 26 October 2016

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By: DailyForex.com

Today’s AUD/JPY Signal

Risk 0.5%

Trade can be taken any time before the end of US trading, essentially 9 PM GMT

Long Trade 1

Go long AUD/JPY at 80.10

Set stop loss at 79.50

Take 1/2 profit at 81.50

Set stop loss to break even at 81.50

AUD/JPY Analysis

The Tuesday session have the Australian dollar trying to break out to the upside, but the 80 handle was a bit too psychologically significant for the buyers to overcome. However, a break above that level would be significant enough as far as momentum is concerned to expect the market to continue to grind higher. There is a lot of noise just above though, so be careful and as a result we believe that taking half of the profit at the 81.50 level makes a lot of sense. Pay attention to gold as well, if he continues to try to rally, that should be fairly bullish for this pair.

AUDJPY

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.