AUD/JPY 4-HOUR CHART
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.