FX Trading Idea – USD/JPY

On Tuesday, in our FX Daily Commentary, I had recommended a short AUD/JPY at 72.70 with stop at 73.20 and profit target at 71.70. The order was filled and today, I had recommended changing profit target to 72.05 and bringing stop lower to cost at 72.70. The profit order should have been done as price dropped to a low of 71.76 but if not done, I would suggest switching over to USD/JPY.

AUD/USD may have seen a Double Bottom chart pattern and price could be heading higher. USD/JPY chart may have seen a high at 108.47 and could be heading lower, at least to the neckline at 106.95. If price can break below 106.95, we will have a confirmed Double Top chart pattern and price could go lower.

We are recommending a short USD/JPY short term trade for 106.95 with stop at 107.90.

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