[TW] 04-30-2012 AUD/JPY long by jenesaisquoi

aud/jpy 4 hour TF

Long or Short: long

Entry Point: 83.00

Stop Loss: 82.40

Profit Target/s: p1 = 83.70, p2 = 84.50

Reward-to-risk Ratio: almost 2:1 if both targets are hit

Risk percentage: 2% (1% on each position)

Trade Adjustments: Moving p2 to breakeven if and when i hit my profit target for p1.

Trade Rationale: I think the long-term range on aud/jpy will hold since support at around 83.00 has been very strong. The BOJ will keep monetary policy easy for the foreseeable future, providing support for yen pairs.

Thanks for your trade idea jenesaisquoi!..i agree with your range play…however, i think it’ll reach 83.00 by the end of this week or next week…I think it’s more likely to reach back to the resistance first…so i’ve actually put in a short order at 84.75 the higher range of resistance…and being conservative with a TP at 83.75…if it gets triggered and I’m feeling more confident of the range then i’ll make that my first p1 and make 83.00 the p2…let’s hope it stays within your range!..bon chance!