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Closed EURAUD Long, Remain Short USDJPY

Closed EURAUD Long, Remain Short USDJPY

David Rodriguez, Head of Product

I closed my EURAUD position from A$1.2535 as the pair broke below intraday congestion at 1.2730. for a potential gain of abotu 190 pips. I'm looking at a re-entry at a better price, perhaps as early as 1.2600 as I think the pair stands a strong chance of continuing higher. In fact I may even get in a worse price on Sunday if conditions dictate.

I remain short the USDJPY from ¥83.40 and have since trailed my initial stop to roughly breakeven at 83.60. I still like the trade and am targeting a return to 81.80 at very minimum, though a move towards 80.00 seems plausible. As always I'll keep my thoughts updated on the Real Time News feed.

--- Written by David Rodríguez, Quantitative Strategist for DailyFX.com

To receive this author's reports via e-mail, contact drodriguez@dailyfx.com with subject line "Distribution List".

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