Feb 23,2017- AudJpy going 98? 

One of the best ways to be risk on commodities and risk on to the yen carry trade is the Aussie Yen. Notice that the 86.69 use to be prior support that is being tested whether as resistance or the new support yet again. Just watch that level because a push above 88 is significant in that ; the bulls are likely going to take the Fibonacci extensions all the way to 98? Is it possible?


15 minute and 4 hour charts are showing supports at the 86.70 level 
Actually this morning when I woke up; here’s how the audjpy already looks like 

86.70 is a support in the short term although big picture ; 86 also is another significant Fibonacci support level 


Meanwhile I still try to skew the risk reward in my favor by posting at the 50% fibo level which is  86.00

Here’s my weekly positioning trade: 

Entry:86

Stoploss:84

Target :98

<I will just trail and add on the audjpy if this trade works out for the year. I will most likely average up if the trend is in favor of further depreciation of the Japanese yen>

*****

This trade idea came about because one by one; I checked the Japanese stock market and realized that iron and steel prices around the world have doubled and may show more bullish opportunity for Australia which is filled with commodities so that I can participate with the commodity rally. 

Let me explain

Rio tinto made a spectacular 82% one year performance. Note that many Iron and Ore Steel sector stocks have all advanced very strongly carving double bottoms and breaking out of their monthly resistance.  

Cases in point just look at charts 



*****

– Bookaka/Facelesstrader

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