AUD/JPY sudden spike upwards. What happened?

Hi Everyone,

I’m trading on a demo account and have been trading the one minute time frames, but this question applies to longer time frames as well.

I was looking at the patterns and saw an opportunity for a quick scalping SELL, so I traded with 1.00 leverage, and then BOOM!! The price spiked UPWARDS not down as the trend lines were predicting.

It happened around 9am Japan time, and 11am AEST but I had been trading for a few hours before this.

Was there a major policy announcement that I may have missed??

I’m currently going long on the position and it is around -$1029 … good thing it is on a demo account.

I’m using MT4 and getting used to the platform as well as testing strategies before hopefully going live after a few months.

Does anyone know why the sudden jump in the price?? It has continued to climb slowly after the sudden spike and have steady growth.

Should I close my long position early and cut my losses ??

Employment report for October came in well above expectations. You are playing in a demo account so it really does not matter what you do. There are no profits or losses.

Ahhh thankyou very much!

Yes, maybe so, but it is still a good learning exercise as I am playing as if I have a live account opened. To see such a jump in the price was a bit alarming as I just read the signals for a downtrend, then the reverse happened!! hehe I have decided to go long on the position that I opened and look for a break even exit at least.

Yes, even though these are fictional dollars, I am also learning about risk management and asset protection as well as learning first hand which strategies I like best and I will be good at before proceeding live.