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AUD/JPY Long-Term Range (February 17, 2014)

AUD/JPY is on its way to the top of its long-term range, which can be clearly seen on the daily time frame. Stochastic is already indicating overbought conditions, which suggests that bears could push the pair back down sooner or later.

The resistance at the top of the range could hold since it lines up with the 94.00 major psychological level. Shorting at this level with a stop above the previous highs around 96.50 and a target at the bottom of the range around 88.50 could yield a high return on risk for a swing trade.

140217_audjpy

 

To maximize profits, one can add every 100 to 150 pips and trail the stop loss by the same amount.

By Kate Curtis from Trader's Way

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Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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