Cautious LONG on AUDJPY. Countertrend Trade on Trendline Break.
As I mentioned yesterday, I am keeping a close eye on growing signs of YEN weakness. As stated in that published idea, a break below the current uptrending channel is just one sign of possible trend change. Since this has been a strongly trending market, a trend change will likely look more like a range, the duration of which is still to be determined. I placed LONG orders on the AUDJPY as well as the USDJPY yesterday and currently up +85 pips and +65 pips respectively.
Because this is a countertrend trade, my current target is set at 1:1. Depending on how the Aussie and Yen perform next week, I may adjust it to 1.5:1 or 2:1.
Because this is a countertrend trade, my current target is set at 1:1. Depending on how the Aussie and Yen perform next week, I may adjust it to 1.5:1 or 2:1.
