Thursday, April 2, 2009

Catching The Run To 71.00

Did you ride the recent run in the AUDJPY to 71?

I was lucky enough to grab and hold a chunk at 65.62 and I'm pondering whether or not I want to let it go.

We've just had a double top on the 15 minute chart. The 1 hour is oversold. I think we are going to get some bounces upward due to exuberance, but it seems about time for a pullback.

I've sold off the nibbles I also acquired on the way up. I think I'll try to sink my chunk. I'd really like to have some sunken carry trade chunks earning interest and I am long term bullish on the AUDJPY.

Be ready for a drop, perhaps today, likely before the weekend.

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