220 Pips and counting

FX:AUDJPY   Australian Dollar / Japanese Yen
171 0 3
Hello traders!
This is the next update on the pair we had discussed yesterday. The short trade is doing well and the development now is, the price action has broken into the smaller trend channel and also broken the .38 fib support in the process. From the entry we had proposed, it has picked up over 220 pips so far and the next logical support area is the 50% fib support which is at around 97.25 area. There could be some consolidation there but i think the first major support will come at the .618 support which could coincide with the lower border of the smaller trend channel. We could probably look at closing some position there as we would have picked up over 400 pips by then. Further action on it can be taken after we review the moves at that level.
As of now I believe that it is safe to wait on this trade.
Happy trading and happy pippin!
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