I don’t currently have a trade idea for Currency Cross-Eyed at the moment, but here is a great looking chart for all of you range players out there. Check out the chart and you can see AUD/JPY at the top of the channel drawn on the daily. Usually, I only go long on pairs that have a positive carry, but with the pair at top of the channel and Stochastics in overbought territory, we may have a great short opportunity on our hands.
I will be looking for the pair to break below the previous day’s low at near 91.80, but we will definitely wait for price action to confirm a possible move down. Until then, stay tuned for a trade idea or any other great looking opportunites the market may give us!