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Had three short positions for USD/JPY. After the first, the pair had moved to opposite direction but I had kept the position as per the views expressed in the last weekend's weekly analysis (http://www.forexabode.com/forex-forecast/usd-jpy). Then had opened 2 more positions. Took profites from these three. Entry seen as the inverted triangle and profit by light green circle. Total profit for all these was 97 pips. I am still on short side with new positions and will mention that in the next post.
My focus today is on AUD/JPY. Had the first trade of today with small 30 pips gain and am now in again for next shorts. The first chart shows the trades.
The second chart is the daily chart. On March 30th the pair went to the recent low during a correction. I would have expected this correction to be more and toward the Fibonacci 38.2% retracement shown in the second chart. Well, somehow AUD/JPY changed the track and jumped upward before reaching the previous peak of March 28th, the second fall came. I believe that this should bring further downward move towards 83.25. But the take profit targets are above that.
AUD/JPY daily chart:
AUD/JPY almost touched the above mentioned Fibonacci 38.2% retracement. Both the above mentioned positions met the profit target. A total gain from today's 3 AUD/JPY trades was 123 pips:
I am in for a long position. The current profit target is 1.6020 and that gives 1:1 risk-reward ratio but I may change it later.
1) The previous cross of 5-day EAM below 22-day EMA had failed and an upward crossover has taken place.
2) Support was coming previously over 55-day EMA but then tehere were two brief efforts of breaking that support but support came just below 55-day EMA and I take that as 55-day EMA support.
GBP/USD daily chart:
Friday the 13th proved it's worth . The markets saw some unexpected moves. This position was initially going ok but failed near 1.5985 and the strong drop made it meet the stop-loss... Gonna got the lost pips back on Monday/Tuesday.
There was another sudden upward jump and Ilet 2 of the positions met the stop-loss with minor loss and still holding 2. The resistance has been coming below 55-day EMA (red EMA line in the following daily chart):
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