JPY crosses/Technical Analysis

AUD/JPY: Still short with stop above 80.10

I went short last night after the bearish break below 79.70 but a combination of stop-loss buying in the AUD/USD and comments from the MOF’s Nakao helped the pair rally somewhat. I’m consoled by the fact that the sharp decline 80.90/79.40 stalled exactly at the 38.2% retracement level and I will keep my stops clearly above there for now.

  1. Hi Sean! Did you add more short positions of this pair when the price moved towards 80 last night? I closed mine winning only 15 pips to be safe. I might short this pair again.

  2. Morning Sean. Same here, my AUD/USD short also got triggered last night. I can see AUD will go down but may take some time.

  3. Hi Lam-Son, no I only sold the break which is not usually how I like to trade but the opportunity seemed quite clear. If it now can break below 7920ish I will look to add on rallies from there, presuming of course that I don’t get stopped out first- but such are the dangers of FX trading 🙂

  4. Good luck Jones, I still cannot see any clear reason for buying AUD so I’m happy to play from short side. There will of course always be short-covering rallies but if they happen, keep stops tight and wait for better levels to sell is how I see it

  5. Morning Sean,

    I just woke up and my stop has been triggered on AUD/JPY. I am very unlucky on this cross since last week 🙁 nevertheless it was a good idea…

  6. That’s the trouble with break trades, if they keep going then there is a huge move and there is never any retracement. But if you sell the break and loses momentum then we always get stopped. Was worth a try I think but I hate losing. I’m watching EUR/AUD for possible s/t topping pattern or alternative might try to buy cable dips; lets see how develops

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