AUD,NZD/FXWW News/JPY crosses/Trade Ideas

AUD/JPY: Clear target now at 93.05

The double-bottom formation  just above a 61.8% Fibo allied with short-covering ahead of the election has had the desired affect (for us bulls that is) and there is now a clear technical target at 93.05 (see chart).

I booked some partial profits yesterday at 89.70 on average and although I wish I still had the whole position now, it made sense at the time. I will be patient now and wait for 93.00 before booking more profits. If USD/JPY breaks through 100.00, then we will see 93.00 in AUD/JPY very quickly imho.

  1. AUD/JPY: Taking some profit off the table

    I’m lucky that I got into this trade at a really good average entry and so I’m happy to start booking profits after a nice 230 pip run. I’ve sold smalls at 89.60 and will look to sell some more near 89.80, just to lighten up ahead of retail sales and RBA. (Edit: Offer filled at 89.80)

    If it breaks straight higher, then the double-bottom will confirm and I will revert to dip-buying mode.

  2. Apologies for misunderstanding, but could you use term “closed the trade”, or booked partial profits, instead of sold or bought at this or that level? Just to avoid confusions.

    Thanks anyway, and good luck!

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