I have been monitoring AUDJPY pair for sometime now, to do “Double Bottom” plan.
I have been waiting for a clear Higher Low. But couldn’t identify it yet. Looking at Stochastic, I see a bearish divergence. Thus I think the price will eventually come down from the current level.
For scalpers (and even for Day Traders), it makes sense to short from the current level.
As for Long trade, I would like to Long from
a) WPP (91.30-40)
b) Support (90.80)
c) Triple Bottom (89.20)
So as a trading plan, I would say
“Short term short, and long term long”.
This could be Lonon open, or NY open play.
YJ Baik – Forex.Today @ Tokyo