LONG AUD/JPY FOR 200-300 PIPS
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LONG AUD/JPY FOR 200-300 PIPS @ UPTRENDLINE SUPPORT WHICH CONVERGES WITH THE 61.8 FIBONACCI RETRACEMENT LEVEL. OR, WAIT FOR A BREAK OF THE COUNTERTRENDLINE BULLISH. IF PRICE DROPS AND CLOSES BELOW THE UPTRENDLINE, THE IDEA IS VOIDED. OTHERWISE, TARGETS ARE 77.30 AND 78.25, ALIGNING WITH FIBONACCI LEVELS.
Note
Took partial profits at 1.27. Appears to be potentially forming a bearish Head and Shoulders pattern for a nearterm pullback lower. Moved stop up on remaining position to below Jan 6th low.
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