LONG AUD/JPY FOR 200-300 PIPS @ UPTRENDLINE SUPPORT WHICH CONVERGES WITH THE 61.8 FIBONACCI RETRACEMENT LEVEL. OR, WAIT FOR A BREAK OF THE COUNTERTRENDLINE BULLISH. IF PRICE DROPS AND CLOSES BELOW THE UPTRENDLINE, THE IDEA IS VOIDED. OTHERWISE, TARGETS ARE 77.30 AND 78.25, ALIGNING WITH FIBONACCI LEVELS.
Comment:
Took partial profits at 1.27. Appears to be potentially forming a bearish Head and Shoulders pattern for a nearterm pullback lower. Moved stop up on remaining position to below Jan 6th low.