Long

#AUDJPY: Bottom's in?

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I like the confluence of signals here, conspiring for a major bottom in AUDJPY. Weekly down trends have expired, daily is oversold and turning up from an already completed down trend and sentiment has been tremendously negative in this pair. I suspect a major turning point happened last week in small caps and currencies and other beaten down assets, like China stocks, etc.
Worth a small shot with low risk here, stop loss at last week's low is fine, don't risk over 2%, perhaps 0.25% is fine.

Cheers,

Ivan Labrie.

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Looks like a major bottom, interesting that it is visible in the cross pair, and as well. Certainly a big macro signal here...Risk on.

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First resistance hit:

I'm taking 80% off the table and setting a break even stop loss for the rest.

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Bottom was in after all...There's a new bullish signal confirming a daily bottom, after the initial run in the hourly. This was a reaction to the end of a weekly down trend.

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We have a new setup forming...
I'll publish this one separately.

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It was the bottom indeed...

IvanLabrie

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