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AUDJPY Pullback Trade (August 26, 2014)

AUDJPY recently made a strong break past the 96.00 major psychological resistance level, which has acted as a long-term ceiling for price rallies. This could be a sign that more gains are in the cards for the pair, but a correction might take place first before it heads further north.

Using the Fibonacci retracement tool on the latest swing high and low shows that the 38.2% level lines up with the 96.00 mark, which might serve as support moving forward. Stochastic is making its way in the oversold zone, which is a sign that buying momentum could return soon.

Going long at the 96.00 mark with a stop below the 61.8% Fib or the 95.00 handle and a target of new highs near 98.00 or higher could yield at least a 2:1 return on risk. A market entry could also work if stochastic crosses above the oversold area early, hinting that the climb could resume right away.

140826_audjpy

Adjusting the stop to entry once price hits the 97.00 mark or previous highs could be a good way to minimize exposure or lock in gains. Adding on the break of the previous highs could improve the return on risk.

By Kate Curtis from Trader's Way

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