Typically I suggest NZDJPY pair for carry trades.
But last week, I received the question about AUDJPY.
Thus let me introduce my trade setup fro AUDJPY today.
It is better to have many Long positions with Stops at Even, before BOJ meeting on Friday.
Finally AUDJPY pair came up the Daily Ichimoku Cloud, resulting “3 Yaku Koten” (Biggest BUY Sign).
I personally bought this pair a few times last week, from Fibonacci 38.2%. However, unfortunately the price moved sideways, so knocked out as Even… until Friday when the price jumped up.
Thus let’s look for another Long opportunity.
The above Hourly chart shows 3 suggested Buy zones, all of which are Support levels. If you take a fibonacci of the last rise, you may feel Buy Zone 3 is too low.
But don’t worry. Even this BUY ZONE3 is Fibonacci 38.2% on H4 chart.
I hope you will have a chance to add one more Long position with this pair.
YJ Baik – Forex.Today @ Tokyo