As mentioned in the previous post (Forex Investing – AUD/JPY Trend Change – Go Long) I was looking for a pull back so that I could go long this pair.  It certainly did not take long for that to happen as the pair made a quick pull back before having a very fast bounce back up.

As you can see on the chart the AUD/JPY pulled back to our entry point of 62.15 and continued down to 61.42 before a quick bounce back up to around 64.  You can see it fell back to the trend line and the second level of support before the bounce.

I will keep the stop loss at 60.90 and will move it up as the pair continues to move up the trend line.  As of right now everything is looking very good for this pair as long as it can hold the trend line.

If you like this forex investment analysis be sure to take a look at our managed forex account and our forex investing strategy.