Hi, I am quite new here but have noted quite a few experienced traders here, lots of correct analysis being done. Would someone please share their thoughts on a short trade on AUDJPY that looks very good to me.
Hi Oasis - welcome to the forexstreet forum. Although I have not been trading the AJ - I have been along with many others on this site involved on the GJ and the EJ. Hopefully next week they may be falling again - as like the AJ - they are hitting resistance areas after rises during this week.
Good Luck if you are looking at entering early next week - and let us know how you plan to place your stop and target(s) etc etc- along with your main strategy
Have a good weekend
Thanks for your response Peter. There is AUS news at 8.30pm EST on Sunday, so I do not intend to enter before then. Stop probably makes sense a few pips above 83.83 (going short). As for targets there are many - 83.14/81.65/81.10/80.60 and all the way to 80.00/79.50. I think I would have 81.60 as the initial target.
Really I do not know if I am making much sense as I have not done long term trades like this before now.
Fundamentally, i am bearish on aud especially heading into the RBA risk event. How ever yen is sell on rallies imho. Technically, there is a bearish hammer on the daily chart and what looks like a false breakout above 56, so possibly i would sell with a stop possibly somewhere above 83.56 and target towards 82.30 with target at specific intervals 40pips apart. I usually dont trade this pair myself as i am avoiding buying the yen and trade audusd instead but they are to some extent related. Good luck mate
Fundamentally majimaji you are GREAT BEAR ;))) Drink not much ;))) Regards ;)
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