We were convinced that AUD overshot last week on Thursday and Friday, despite the bad economic data.
This morning we short the AUD JPY at 103.50 based on technicals and then when the GDP and industrial production for China came in dismal at 10am Singapore time, the AUDJPY collapsed, we squared off our position at 102.00, the low was 101.65. We made a trading profit of 1.50bps or 1.47%.
We are vindicated from losing monies in the AUDUSD put option last week!
The Panthenon Investment Group 