FxWirePro: AUD/JPY short progressing, tests of 81.95 likely
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 pu…
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
