AUDJPY was trending lower but went into a short period of retracement of around 300pips, lasting 2 weeks. Price subsequently broke the short term rising trend line. Take profit level was at 89.6 but we decided to close off the position earlier since it was nearing the weekend. For this position, the net profit was 120pips.
Near term support is at 95.73, we took a long near that level but got stopped out. Subsequently, price went back in our favor. We still remain bullish bias on AUDJPY, however, it will be good to see price break above the high of last week.
Trade got stopped out at 95.5 as price was not able to breach 96 level which is near to the high of last week.
We have identified 24h AUDJPY pin bar signal which led to our bullish bias. In addition, 4h AUDJPY has a pin bar signal with support at 94.68 while 30mins chart has shown us that price broke above short term downward trend line with support at 95.5. We were bullish above 95.5 with stop loss right below 95.5.
However, our position got stopped out since 95.5 level did not provide us with a strong trade set up to go long. Nonetheless, we still remain our bullish bias with take profit target at 97.
This position was aided by BOJ Kuroda's statement that JPY may not weaken further on real effective exchange rate and RBA steven's comment of possible further easing. For this trade, risk reward is 2
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