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Pending Long AUD/JPY

Pending Long AUD/JPY

2011-07-25 16:16:00
Christopher Vecchio, CFA, Senior Strategist
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Given the sharp appreciation the pair has experienced the past few days, it would not be of great surprise to see the AUD/JPY pair sell-off slightly before further gains. That being said, the pair is clearly moving towards a bullish move, with the key technical indicators that this report follows all in position to point towards further gains. The daily RSI is rising, now at 48, from 39 on Tuesday. Similarly, the Slow Stochastic oscillator is pointing towards further gains, with the %K greater than the %D, at 41 and 39, respectively. As the trade waits on the MACD to cross for confirmation, the entry point for the trade is slightly above its current exchange rate, at the 61.8 Fibo, at 85.249. Accordingly, we’re looking for a sustained break above the zone of confluence, where the 20-DMA, 50-DMA, and 100-DMA meet, in the 85.560 to 85.647 area.

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Long: Place an entry at 85.249 (61.8 Fibo)

Stop: Set the stop to 84.443 (81-pip risk)

Target 1 (Risk/Reward Ratio): 85.747 [76.4 Fibo, move Stop to 85.249] (50/81, 0.62)

Target 2: 86.552 [20-DMA, move Stop to 85.747] (130/81, 1.60)

Target 3: 87.723 [July High] (247/81, 3.05)

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