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Forex Analysis: Would Buy Big USDJPY Dips, Sell AUDUSD Bounce

Forex Analysis: Would Buy Big USDJPY Dips, Sell AUDUSD Bounce

David Rodriguez, Head of Product

I remain short the Japanese Yen and will look to add to the position, while a substantive shift in retal FX positioning leaves me in favor of further AUDUSD losses.

I'd like to sell AUDUSD against recent highs of $1.0585 with initial profit targets of $1.0400. A minimum of 1:1 reward:risk implies that the position is valid at a price of $1.0495 or better.

I'll watch for reversal risk across the board and update any thoughts on said positions via the forex real time news feed.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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