Well I think it is! Last Friday, on Asia’s risk-off day, we looked at AUD/JPY and although we got close to getting stopped out we did actually survive and make a nice 150 pip profit. USD/JPY sell orders at 81.60/70 stalled the overnight rise and as we are back near the recent 81.90 highs, I’d rather be selling than buying at these levels. Similarly for EUR/USD, we’ve had a nice rally from 1.3100 over the last few sessions but I’m thinking it will struggle to gain any traction above 1.3325.
Therefore I’m investing some of the AUD/JPY profits and taking a typical Friday risk-off trade, selling EUR/JPY at 108.25 with a stop-loss at 108.90, hoping for another pullback towards 106.00.
