Short AUDJPY against the High
I took an Australian Dollar short position against the Japanese Yen as per this morning's DailyFX PLUS Trading Signals update. The Breakout Opportunities strategy sold the AUDJPY as it broke below its 24-hour trading range low.
I think this is an attractive position given that it trades a short distance away from recent range highs at the ¥84.80 mark. I placed max risk above 84.80 and target a return towards recent lows near ¥83.00.
If currencies continue to hold their broader ranges, I'll look for similar opportunities in other pairs going forward.
--- Written by David Rodríguez, Quantitative Strategist for DailyFX.com
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