Steve Lucas is looking at a counter trend trade today: AUDJPY.
The Yen has made strong gains this week but stalled at 96.53, the April 2014 high. The Aussie has also topped out at seven month highs. While AUDJPY broke the 200 day average last week before a Friday close below the 200 day average for the first time since November 2013. Steve has been bullish about both currencies earlier this week but suggests selling at the open and at 96.30.
Stop: 96.60
, just above this year's top.
Targets: 95.43, yesterday's low and 95.16, this week's base.
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