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Forex Trade Ideas: Holding USDJPY Long, AUDUSD Short

Forex Trade Ideas: Holding USDJPY Long, AUDUSD Short

David Rodriguez, Head of Product

I remain short the Japanese Yen, but the risk of real correction means that I will trail my stop further. I'm also holding my AUDUSD short from Friday.

I've recently trailed the stop on my USDJPY long to congestion support at 86.80 and will close my position on a daily close below.

On Friday I attempted to get short AUDUSD from $1.0450 with a stop above month-to-date highs of $1.0525. Yet the position hasn't really panned out, and there is clear risk I'll get stopped out. If I do, markets will have clearly proven the trade idea as premature. I'm discouraged by the fact that the S&P 500 Volatility Index trades near multi-year lows.

If I get stopped out of AUDUSD I may try again at a later date if and only if there is concrete evidence of reversal.

--- 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

Facebook at http://www.Facebook.com/DRodriguezFX

http://www.dailyfx.com/forex/analyst_picks/todays_picks/jamie_saettle/2013/01/03/Forex_Trading_010313.html

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