Good afternoon guys,
A juicy looking setup on the AUDJPY.
The AUD has continued to hold strength this week throughout the volatility.
Yesterday Australian retail sales came in well above the forecast at an 8% increase.
We are now looking to buy the AUDJPY as it appears to be breaking a key structure.
Although we have seen a break to the downside from the inclining wedge, the AUDJPY has also created a bull flag formation.
Trade Setup: BUY AUDJPY (market order, current price 68.45), stop loss 67.95 and take profit 69.50.
Stop loss: 50 pips
Take profit: 105 Pips
This set up will also act as a hedge against our SP500 short position.