Good afternoon team,

 

We are looking to re-enter the AUDJPY position as the price action has set up another ABC corrective rally. The 3 wave rally indicates the market is still in a bearish trend. Considering the FED statement this morning the market should remain in a risk-off sentiment which will result in a stronger USD and JPY, and weakness in the commodity-related currencies.

AUDJPY – 1 Hour Chart

Trade Setup: SELL market execution, current price 81.48, stop loss 82.13 and take profit 80.26

Stop loss: 65 pips

Take profit: 122