I’m sharing my trade of the day with you all: AUD/JPY.
There are more than a few good trades out there today but I’m taking the plunge with AUD/JPY because it’s been making great movement to the upside which I believe it will continue to do. You can never be sure how long the trend will hold, especially these days with the unstable economic climate we are in, but let me assure you again that in Forex, there’s always an opportunity to make money. It doesn’t matter if currencies are depreciating, trust me, they won’t go down forever and vice versa. I digress, AUD/JPY had been on the decline for months last year and in the past 4 months has been erratic(up a few days, down the next) and I have a feeling that the tide will not change to the upside. Nothing is for sure(what in life is ever guaranteed?), from my analysis, this is the course this currency pair has a good chance of taking.
I will keep everyone updated on how the trade works out. I’m confident that it will be a profitable one. Look at the chart below. Movement began last night at approximately 9pm-11am PST today, during which it gained almost 300 pips in that timeframe. If you had traded this, the return on your investment would have been nearly 300%! Awesome, right? 😀