Dear Carry Traders,
Today, I would like to pick AUDJPY pair.
This pair jumped up yesterday, after AUS Employment figures.
I am taking a Fibonacci of that move (see below). The price came down to 61.8% and bounced up.
According to Hourly Stochastic, the price may want to come down a bit more. Thus it makes sense to buy this pair from Fib 50% / DPP (87.30).
The stop should be at 87.00. The conservative target will be 87.95 (Prev Top), and the aggressive target should be 88.42 (Fibonacci 138.2%)
I hope this setup helps you build your own.
YJ Baik – Forex.Today @ Tokyo