Trading the Weakening Yen
The Japanese Yen has seen significant weakness over the past few weeks, and has lead to some nice trends to trade - if you can get positioned.
On 12th April AUDJPY started to breakout of a consolidation and we expected the market to move up to test the key 94.000 level.
We got positioned on the first price retracement after the break out on the 15 minute chart, as shown.
Long term resistance at 94.000 level as seen on the 4 hour chart.
Price eventually moved as expected and hit T3 before retracing overnight and moving on to T4 (our final target) just prior to the 94.000 level the following day. We can see in hindsight that price tested the 94.000 level twice before retracing back past our original stop location. Highlighting the importance of knowing when to get out of a successful trade to retain the maximum potential profit.