By: DailyForex.com
Today’s AUD/JPY Signal
Risk 0.5%
Trade can be taken any time before the end of US trading, essentially 9 PM GMT
Long Trade 1
Go long AUD/JPY at 80.10
Set stop loss at 79.50
Take 1/2 profit at 81.50
Set stop loss to break even at 81.50
AUD/JPY Analysis
The Tuesday session have the Australian dollar trying to break out to the upside, but the 80 handle was a bit too psychologically significant for the buyers to overcome. However, a break above that level would be significant enough as far as momentum is concerned to expect the market to continue to grind higher. There is a lot of noise just above though, so be careful and as a result we believe that taking half of the profit at the 81.50 level makes a lot of sense. Pay attention to gold as well, if he continues to try to rally, that should be fairly bullish for this pair.
