Tuesday, May 19, 2015

AUDJPY Buy Recommendation May 20th 2015

Currency Pair: AUDJPY
Timeframe: Hourly Chart (H1)
Recommendation: Buy AUDJPY @ 95.75
Take Profit @ 97.25
Stop Loss @ 95.00

The better than expected GDP report out of Japan failed to rally the Japanese Yen which is why I took a long position in the AUDJPY today. This currency pair is trading inside of its support level after a nice sell-off took it there. I was waiting for the GDP report to be released before placing my buy order.

I think we can see a rally of roughly 150 pips which will take us back to resistance from where I will take another look. Upward momentum may be strong enough for a breakout and continuation, but plenty will depend on fundamental factors.



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