AUDJPY - THE TREND IS YOUR FRIEND (AUDJPY)

Hello friends.

For some time now, AUDJPY has been downtrending after finding it's place under the .236 speedfan resistance. Now, a short term rally may provide us with an opportunity to cash in on this trend once again.

Now, this trade IDEALLY would have been taken at the 62% retrace - 88~

Already, we have touched the 127% extension. I believe this rally is a result of grinding against the fib circle shown on the chart.
This trend is strong, so I see no reason why the 162% extension can't be our new target. At least, I expect a retest of the 127% extension.
A good entry would perhaps be a retest of the 0 line of the impulse wave - 76.

Stop loss would be a breakout of the .236 resistance. Careful here, we could see a pop to the top of the channel. This trade isn't beautiful, but with a 3.13 RRR I think we can take it just fine.

Smaller positions will do well here.
Good luck traders.