This Weeks Trade of the Week - AUDJPY + 500%
The biggest market themes this week where the strengthening Aussie Dollar after the unexpected interest rate rise and the continuing weakness in the Yen, particularly after Japans central bank governor reiterated the need to continue monetary stimulus for the Yen.
From a technical perspective AUDJPY presented a nice opportunity to get positioned long after the breakout above 92.000. On the 4 hour chart the market retraced back to a market structure level that potentially could act as support for the market.
We waited for a momentum set up on the 60 minute time frame to get positioned.
The market moved on to initially hit 2nd target before forming a double bottom on top of our London Pivot Levels which presented a nice place to move our stop to, to lock in more profit on the trade.
AUDJPY continued to move higher through the remainder of the week hitting 5th target and completing the trading window Friday afternoon. At this point we closed the trade to lock in a +500 gain and take the risk off the table for the weekend.