– The price action on USDJPY since we established the long position (120.22 on 07 April) has been disappointing and has failed to follow through. We are therefore exiting this position.
– At the same time the technical set ups on EURGBP and AUDUSD looking compelling for further losses
– As a consequence we are cutting our long USDJPY position (20% of capital) at 119.86 and establishing:
- A short AUDUSD position at .7589 with a target of .7000 initially and .6000 eventually.(15% of capital) Our stop loss is at .7850
- A short EURGBP position at .7208 with an initial target towards .7000 and ultimately .6500 (15% of capital). Our stop loss is .7400