Today the first I am looking at is the AUD/JPY . After the easing reports from Tokyo yesterday, the Yen has surprised everyone by showing some behavior. There is a very interesting set up here. The price action after breaking out of the has broken back in. There is a smaller that you can see here which could be used as another reference for a short entry. I expect the break in to happen around 98.50 area. Target could be somewhere around 93.00. But the minimum target would be at 96.00 which is also a major 61.8 support from the recent up move. Again, it is anti trend but with good risk ratio.
Aggressive entry : Sell @ current prices, S/L above the at around 100.60 area, T/P 1st @ 96.00 and 2nd target @ 93.00
Conservative entry : Sell below the small around 98.30-98.40, S/L above the small around 99.80 area. T/P 1st @ 96.00 and 2nd at 93.00 area.
Happy trading and happy pipping!