AUD/JPY: 3 Week Bear Trend
Jason Sen | Oct 01, 2014 07:42AM ET
The AUD/JPY in a strong 3 week bear trend but did reach as far as strong resistance at 9590/95 as predicted for a perfect selling opportunity with stops above 9615. This trade worked perfectly keeping the outlook negative for a return to last week's low at 9540/35 and a quick 50 pip profit. A break below the 2 day low at 9510/08 is likely and should trigger stops in the market to target important key weekly support at 9470/60. It is possible we see a low for the week here, despite the strong bear trend. Exit shorts and try longs with stops below 9430.
Immediate resistance at 9555/65 is likely hold a move higher but above here look for a selling opportunity at 9580/90 with stops above 9610.
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