AUDJPY Short
This is possibly a decent entry.
The weekly is still in a clear downtrend, and the daily is signaling an entry here.
In support of the technicals, the Fed cutting rates by 25bps should see the Yen strengthen somewhat as the carry trade becomes less appealing and global macro data continues to deteriorate so the risk-off trades here still seem likely which is again a boon for the Yen.
ATR is just under .50 so a target of ~74.84 seems reasonable.
The weekly is still in a clear downtrend, and the daily is signaling an entry here.
In support of the technicals, the Fed cutting rates by 25bps should see the Yen strengthen somewhat as the carry trade becomes less appealing and global macro data continues to deteriorate so the risk-off trades here still seem likely which is again a boon for the Yen.
ATR is just under .50 so a target of ~74.84 seems reasonable.
Note
50 pip move achieved so I closed this position out.It might extend down further but I was happy to cut out after 50 pips.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.