AUD/JPY (JPY Strength going into 2016)
Updated
I am considering a possible sell for the AUD / JPY going into 2016 off the back of the latest BOJ rate decision and policy statement. Price has clearly broken the consolidation support from earlier in the year and may be retesting prices for a continuation of the down trend. I have selected 2 modest targets with 50% of trade closed on target 1, 40% of trade closed on target 2, and then 10% left to run with a trailing stop behind each spike higher.
Comment
Entry re-positioned more conservatively to 88.40. If price is to close above 88.40 then price may continue higher to 90.50.Comment
Original entry was a typing error and should have been 87.80.Order cancelled
I think if price moves back to 88.40 then it may continue up to test the 90.00 region. Trade was missed by being too conservative as taking the original 87.80 price would have made a good return currently at target 1 but I can't be too critical of myself as at least no pips were lost. The Aussie was further pressured to the downside after Chinese manufacturing PMI missed estimates at 48.2 from the forecasted 49.0. Albeit a minor miss if it had came out strong then we could have seen the price move to our entry of 88.40 before breaking through or turning back down again for me to enter the trade.
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