Correction on all JPY pairs has started.
My favorite pairs to trade this correction will be GBPJPY and AUDJPY. There might some good profit taking on USDJPY but for now I'll prefer to stick with fundamentaly weaker currencies for this short.
For GBPJPY, I already shorted the pair at 146.
For AUDJPY, I'll wait for the price to go back up to previous support/resistance level around the 0.236 fib retracement level at 85.30.
Entry : 85.3
Stop loss : 86.2 (couple pips over the 0.618 fib level + 86 being a round number)
Target : TBD (will be based on previous support with at least a 2/1 risk ratio)
My favorite pairs to trade this correction will be GBPJPY and AUDJPY. There might some good profit taking on USDJPY but for now I'll prefer to stick with fundamentaly weaker currencies for this short.
For GBPJPY, I already shorted the pair at 146.
For AUDJPY, I'll wait for the price to go back up to previous support/resistance level around the 0.236 fib retracement level at 85.30.
Entry : 85.3
Stop loss : 86.2 (couple pips over the 0.618 fib level + 86 being a round number)
Target : TBD (will be based on previous support with at least a 2/1 risk ratio)
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