Long AUDJPY @ 83.23
TP: 85.00
SL: 82.90
Ive decided to go long AUDJPY as the Aussie has been better bid of late and there has been some nice consolidation around this level which will act as support for the trade (around 83.00 level) as well as fibbo support around this level too.
US dollar is very week at the moment and therefore AUDUSD should continue to grind higher taking AUDJPY with it. The reason I stay out of AUDUSD and go for AUDJPY instead is incase the US dollar rolls over and stats to rally. If this happens, USDJPY will go bid meaning that JPY weakens further thus giving AUDJPY another reason to breakout.
My stop is set just below the 83 level, just for some breathing room. I will need to see a sharp spike below or a daily close below this level before I decide to close out the trade.
Lets hear your thoughts below ...
Goodluck!
TP: 85.00
SL: 82.90
Ive decided to go long AUDJPY as the Aussie has been better bid of late and there has been some nice consolidation around this level which will act as support for the trade (around 83.00 level) as well as fibbo support around this level too.
US dollar is very week at the moment and therefore AUDUSD should continue to grind higher taking AUDJPY with it. The reason I stay out of AUDUSD and go for AUDJPY instead is incase the US dollar rolls over and stats to rally. If this happens, USDJPY will go bid meaning that JPY weakens further thus giving AUDJPY another reason to breakout.
My stop is set just below the 83 level, just for some breathing room. I will need to see a sharp spike below or a daily close below this level before I decide to close out the trade.
Lets hear your thoughts below ...
Goodluck!
Comment:
Closed half at 83.80 + 57 pips! Leave the other half running...
Comment:
Closed all at 84.90 for a profit of +167 pips. This trade offered a 6/1 Profit to loss ratio.