Over extended to the upside

FX:AUDJPY   Australian Dollar/Japanese Yen
84 1 0
I have taken a short position, on this 15 minute chart, as we touch the upper red band. We may be due for a correction as the London Markets come to a close and the US open approaches. We are currently up over 1.5% over the Tokyo and London trading session.

This is largely due to the recent employment data released In Australia, in which, Australian economists expected to add 5000 jobs to the economy, and actual turned out to be 17000 jobs added to the economy.

Bearing in mind, Australia had been talking about a rate cut for some time, which would have weekend the currency. Well this bullish employment report has off set the need for a soon rate cut.

I do have this trade in some long set ups, however I am following it for my day trade. I will be looking to take profits on a sign of reversal, and if we continue to extend, I will took to short for profits at the London Close and the US lunch, where we commonly see the retrace as traders take profits.

If you like this post, please like and leave a comment or any helpful advice :)
25 pips taken, back to bed :)
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