Long AUDJPY - Taking advantage of positive market sentiment
Updated
I have gone long AUDJPY (risk-on trade) on a Fibonacci retracement down to the 0.618 level after an initial break up of the down trend. The market seems optimistic with an expeceted decrease in interest rates in the US and Europe. Entry 94.50, SL 93.80 and TP 96.00.
N.B. I shall probably close this trade before 21:00 GMT (market close) because there are some data releases from China on tomorrow Saturday. I will review the trade Sunday night Monday morning. I don't like holding risk-on trades over the weekend.
N.B. I shall probably close this trade before 21:00 GMT (market close) because there are some data releases from China on tomorrow Saturday. I will review the trade Sunday night Monday morning. I don't like holding risk-on trades over the weekend.
Trade closed manually
I've managed to scratch the trade for a small profit. Price not moving much and we are now into the last trading hours of the week. There are various Chinese data releases tomorrow (14 Sep) that could impact the AUD when the FOREX market opens Sunday. Note public holiday in Japan next Monday (16 Sep).
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