Decided to let my AUD/JPY go with fresh news that’s likely to support global risk-on sentiment & the bullish reaction in the pair. Here’s a quick review.
Trade Review: Rising Lows Break-n-Rest on AUD/JPY?
Again, I’m fundamentally more in favor of the yen than the Aussie, but with global risk-on sentiment on the rise (with the latest push coming from the U.S. Senate’s budget passing last night), it doesn’t make sense to stay long some yen at the moment.
Sure we could get another spike in risk aversion (favorable for the yen) with North Korea potentially firing nuclear missiles any day now or whatever geopolitical/financial threat that’s currently unseen, but I think I’d rather cut out now for a small loss than potentially wait forever for something bad to happen. Also, price action has not been in my favor as the small rally seems to be drawing in buyers even with every small pullback lately.
So, I decided to close manually at 88.98 for a small loss during the morning London session.
Total: -102 pips / -0.27% on 0.50% risk
That puts me flat in both open trades and open orders, but I’m working on some new ideas for next week so stay tuned. And until, have a great weekend!
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