Our AUD/JPY call (http://www.econotimes.com/FxWirePro-Sell-AUD-JPY-rallies-around-84-tests-of-8195-likely-156477) is progressing.
- The call has hit targets 1 and 2 and is likely to hit target 3 at 91.95We notice slight pullback on the day, the pair is currently trading at 82.98 levels after hitting lows of 82.46 on Friday.
- Bias is still lower, momentum indicator MACD shows scope for further downside.
- Bearish invalidation on breaks above 10-DMA at 84.06.
Recommendation: Book partial profits, lower trailing stops to 84.05, hold for TP3: 81.95