AUDJPY Pullback Gives Chance to Jump in on Bearish Yen Trade

FX:AUDJPY   Australian Dollar / Japanese Yen
I've been looking for a chance to jump in on the short yen trade, which has been one of the best trades in 2014 -- especially over the past two months. I finally got what could be the pullback I'm looking for, as AUDJPY appears to be bouncing off support at 98.50. As such, I'm long at 98.50, with my stop at 97. 05 and my target profit at 105.14 -- a resistance level visible on the weekly chart. This is a relatively small position, as I'm leaving more capital ready in case USDJPY pulls back even more.

Learn more about trading: