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.