My week 46 Sunday analysis above clearly shows that as of 8pm GMT on Sunday 12th November 2017:
- JPY is the 3rd strongest (S3) currency in the market
- AUD is the 3rd weakest (W3) currency in the market
- We cannot trade JPY/AUD so we reverse the Base & Quote currencies show to AUD/JPY
Let’s pull up the AUD/JPY chart and see what it has to offer.
AUD/JPY Short – Trade rational and chart
A midweek signal generated by my Daily FX Strength / Weakness Analysis on Wednesday 15th November 2017.
Trade Outcome: AUD/JPY Short
The market opened @ 86.86 and closed 211 pips lower @ 84.75
Following a minor hesitation at 88.65 support this pair took a dive straight through it, taking out a 4 1/2 month bull trend line with it.
Most traders would baulk at holding a position through such support, I however simply trade with the market.
As with my NZD/JPY of the same week, Friday proved to be the money maker – As with all my trades, it’s my Daily Strength / Weakness Analysis that positions me in the right pair, in the right direction, at the right time, to make money from these moves.
So I entered short on Tuesday morning, exiting just minutes before Friday’s 10pm GMT market close.
Outcome: + 184 pips profit