Covered the 78.45 at 77.98, order entry again at 78.20. Still looking at TP of 74.xx
Around 640 pips or 5%, 3 to 5 weeks for range to be set up.
Sentiment: Oanda AUDJPY longs 67% Dukascopy AUD longs 66%, JPY short 55% Bounced off fib618 on the daily, TP is fib50 of corrective swing. I feel has a higher chance of hitting TP vs the other side on a 1:1 trade. Will let go half of position when day high of 78.71 is taken out.
Retracement since then is almost the same.
Project a bounce around 1.1284 to 1.1327 then a pullback to 1.1446.
Expecting a breakout sometime today or tomorrow after earnings start flowing in and result of Brexit vote.
Top end of the range is the 2 week high expectation. Has not reverted 50% since 1 week ago.
Short on fib.786 1.14555 and take 1.13795 for about 70 pips. Target may be adjusted.
1:4 trade on multi month/year trade. AUDJPY and USDJPY dropped huge today, with USDJPY dropping 3.5%+
This bottom coincided with the .50 and .618 fib from April 2017
extreme volatility after many years of quiet uptrend marks the end of the uptrend