AUD/JPY: Small longs in play as Fibo support holds again
- Momentum funds have been selling USD/JPY this morning but stops below 97.00 remain safe for now.
- Japanese banks have been noted buyers of AUD/USD in recent trade near .9125/30.
- 38.2% Fibo support in AUD/JPY near 88.70.
I’ve taken a small long intraday position near 88.75 with a tight stop below 88.50, looking for 90.00 later tonight. It’s always a bit risk on Friday’s to be long of these ‘risk trades’ but the risk-reward is too compelling in this case.
Edit: Looking now to book intraday profits 89.15/20, then rinse and repeat 🙂
Edit #2: Done at 89.15, now happy to buy dips back to 88.70 with thigh stops below 50.