AUD/YEN VIEW

Update: Yes guy's......it's just a retrace....adjust your SL accordingly....could go to 97.37 or higher - i'm aiming for 98.08 as my TP3. I will see what price does there and as always...CHECK WHAT THE DOW IS DOING!

Update: Looks like market is going to use the strong future to rally a little, however my strategy is to short the bounce with a bigger lot size.

Update: S&P futures vs fair value: +7.1. Nasdaq futures vs fair value: +4.8
DOW now looking like a flat open. Keep ur hard hats on coz it could be a bumpy ride.

Update: S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: -5.5.
Looks like DOW will open lower...this could put more pressure on AUD/JPY to go lower.


Update: Out @ 95.53 for a 20 pip loss.
I will wait for price to retrace to the 4 HR 5EMA were i will enter a short. The break of the monthly support suggest this might be heading to 90.81? maybe not today but sometime this month?.

LIMIT Sell around 96.50 ( there's a possibility of price going all the way to 97.15)
TP1: 94.85
TP2: 94.38
SL: 100 pips from 5 EMA (will adjust accordingly)


Update: Fundies is not in my favour so might exit the trade if it hits 95.53...let's see. Bicos i trade with tight SL it means i may be shaken out.

I generally recommend that for daily trades use a SL 100 pips from the 5 EMA, however seeing that i am going against the trend i use my guideline SL which is 40 pips from entry.


CHART: DAILY
A retracement is due, it's not very strong doh. I know i said i will not be trading till next week but hey..... Price may bounce up then go down again...lets see what happens...if price turns round get out quick.

Long@ 95.73 (i know this is going against my medium term bias)


TP1: 96.58
TP2: 96.93
TP3: 97.15
SL: 40 pips


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