AUD/JPY Long by Justin Pipper


Long or Short: Long

Entry Point: Long at 95.50

Stop loss: 94.80 (below 95.00 major level)

Profit target: 97.25 (previous highs)

Risk Percentage: 1.0%

Reward-to-risk ratio: 2.5:1

Trade Rationale:

-Bullish divergence, 61.8% Fibo support, and rising trend line on the 4-hour chart
-The bearish outlook on the yen hasn’t changed. No major Australian report next week that could add to the Aussie’s weakness.