AUDjpyFX

Hi, The price did not get to our sell stop on EURusd yesterday so nothing spoil. Even though we made some pips as posted. Today we are going long on AUDjpy Entry 99.499, Exit 99.782 that is almost 25 pips.

We also think that AUDusd will go back to the North. Why?
We took a short trade yesterday believing that the price will bounce back at 0.86368 and the price got to that level and bounced back . Price has tried several times to break this level without success. We waited for the price to break this level, but it couldn't.but rather bounced back. You will see this  on the daily T.F chart above. The Forex Mechanics believe history will repeat itself and the price might get to the 23.6 Fibo level before returning.That is about 101 pips from the current price at 0.87239. Although the Forex Mechanics adviced that we take profit when it gets to 50 pips because of  the gap down at the beginning of the week.

Thanks

Mind you this is just for the purpose of education