Good morning team,

 

Hard luck on the EURCHF position, we will keep a close eye on the set up and look to re-enter on the next move to the upside.

This morning we are taking a look at the AUDJPY, the pair has set up a 5 wave decline, which indicates a 3 wave counter trend rally will occur at the minimum. The AUDJPY has already setup the first and second leg, therefore we are expecting a final C leg push to the upside before the next move lower. This is a counter trend trade, therefore slightly higher risk.

AUDJPY 15 Minute Chart

Trade Setup: BUY market execution, current price 91.49, stop loss 90.62 and take profit target 93.40. 

Stop loss: 87 pips

Take profit: 191 pips