BabyPips.com FX-Men Team
BabyPips.com
AUD/JPY: 4-hour
Last one up for today is another retracement trade, this time on a pretty solid uptrend. AUD/JPY’s rally hit a snag around the 90.50 area and is now back down to the 89.50 levels. The bulls could be watching this area, as it’s near a previous resistance as well as the 61.8% Fib lines, a rising trend line, and the 100 SMA on the 4-hour time frame. Talk about a good bargain! Stop losses below the support lines could get you some pips if you aim for the pair’s previous highs. Be careful about trading currency crosses though, as they usually give you more volatility than the majors.
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