With corrections taking place in most pairs, it appears to be a good time to look for a trading opportunity.
The AUD seems to be one of the stronger currencies with buys setting up in both the AUD/USD and the AUD/JPY. A quick look at the USD/JPY shows that the USD is stronger than the JPY. So, since matching up the strongest currency with weakest increases our chance of success, I have posted a 4-hour chart of the AUD/JPY below. Aggressive traders should use their favorite technical indicator to time their buy entry, while more conservative traders should buy the move up through the previous high which is noted as resistance. Protective sell stops should be placed below support with a target to take profit set as twice that risk.
