This thread for the AUD/JPY. The carry trade is coming back.
AUD/JPY charging ahead. Long position is doing nicely, and may add to it if today’s candle can keep up it’s bullish move throughout the day. The retracement from the high feel to the 38.2% fibonacci quite nicely.
AUD/JPY daily candle closed above the downtrend line which is a good sign. Up 185 pips on the trade, but one thing that’s concerning is the COT data which shows traders becoming more bullish on the JPY. Here’s the story COT Positioning Warns of Yen Weakness
The downturn in stocks is weighing down on all of the JPY pairs including AUD/JPY. Possibly reaction before Bernanke’s house panel discussion at 2pm ET.
The fact that it didnt break [email protected] is a strong sign that the bullish trend should continue, a break of 78.30 would add value to that. On the other hand its now showing resistance on the back side of the broken up trend line. Theres also fibonacci convergence from the last 2 down swings on the daily. I think we will see further bearish pressure should the present daily bar close as an engulfing bearish candle.
Hi cadarkitek, and welcome to the AUD/JPY thread.
I agree, the decision to make is whether I want to hold it for a possible retest of 70.40. In the end I think it’s a good long term trade so I will hold. I also drew another fibonacci retracement to forecast a potential target. Putting the most recent consolidation between the 38.2% and 61.8% retracements would call for a move all the way up to 94.75. This could take months to develop.
AUD/JPY broke above the downtrend line so I added to the position. Average buy price now moved up to 76.104
The chart below is a 60 minute chart. Compare it to the daily chart from the previous post and the trend line. I added the trend line to the 60 minute chart and it was testing this trend line earlier this week, but has now been able to trade above it for 12+ hours which is good enough for me.
Fundamentally, the rally in stocks has probably helped put risk aversion in the back seat giving a boost to the trade, so three cheers for the stock market.
I’ve been in this one since 7/21 @ 75.95
Targeting 79.
Started w/ 2 lots, took profits on half @ 76.45 yesterday.
Leaving stop in tact @ 75.25
Good trading!
Nice trade. I started watching it last week after the RBA rate decision. Naturally when I added the second position yesterday I picked the top. And then today, so goes equities, so goes AUD/JPY.
Hopefully 77 will hold. Looks ok so far.
Hopefully today’s a profit taking day, reality check, not an all-out bear day.
If not, stop moved yesterday to +50 pips.
Not my target, but I’ll take it 
Forgot to mention, when stop was raised yesterday, target was lowered as well, to 78.25
We’ll see!
My stop is at 75.20 at the moment.
Looks good.
closed @ 77.38 in case there’s profit taking before the weekend.
Happy trading 
I’ve decided on a target for the trade 79.95. Going for the previous highs made back in mid-June. Stop at break-even 76.08
beautiful. wish I went more long term, although, profit is profit
Cheers!
That’s right! Just have to wait for the next setup.
watch yer noggin’ on the ceiling though, that’s where i got out the other day ( on your pic )
A very reasonable spot to get out at.
But I have the RBA on my side so it seems. Came within 66 pips of the limit last night. I’ll watch the daily candle that’s forming today. If it closed right now, I would probably get out. Will wait for 5pm to decide.
DailyFX wrote a short blurb at the bottom of their article on what Governor Stevens said last night about interest rates Australian Dollar Surges as RBA Chief Talks Up Economy, Hints at Rate Hikes (Euro Open) . This is why I think AUD/JPY is a great long term trade regardless.
AUD/JPY crashing down. Not going to wait to see how this thing develops. Closed both positions at 77.59. Your call on resistance was correct zekelogan 