Reserve Bank of Australia ( RBA ) no market moving news schedule this week , Bank of Japan ( BOJ ) no market moving news schedule this week. G 7 Finance minister and central banker meeting in Sendai Japan no concrete agreement was reach . Commitment of Trader ( C OT ) show Australian dollar ( AUDUSD ) there is less long position 3 week in a row , Bearish sentiment. Yen ( USDJPY) less long position and less short position slight weaker Yen. Last week AUDJPY range bound 78.50 to 80.50 about 200 pips weekly range.
Looking at daily Bulls and Bears about the same number , switching to a shorter time frame like 1H finding opportunity for Bear to Sell at Stochastic show over bought and resistant area probably when London market is active .
In the range bound week Capital preservation is Number 1 rule , unless the market is move into the direction we plan otherwise no trade is also a winning trade . Happy and Safe trading
3 thoughts on “AUDJPY week 22 Trade Plan ( 23 May , 2016 )”
The pair is falling as planned, awesome.
Hi Daniel, is a short entry just past the support level of 0.79 down to 0.78/0.779 become a possibility, especially with not much news this week