Last week, I was able to catch AUD/JPY on a dip. There was a bout of JPY-strength, which didn't really have any strong fundamental support. After all, the BoJ is one of the most dovish central bank relative to other CBs of the majors. AUD/JPY 1H Chart 5/30(click to enlarge)As always I enter at least 2 positions. I have conservative targets here because the prevailing trend in AUD/JPY before May was bearish. Also, the RBA has recently been a little dovish and a rate hike is still off the table for this year. While I think AUD/JPY has more upside in the long-term, I am trading short-term swings, so I exited my first position just under 80.00 today. My second target is 80.50, which would be the upper bound of the May-consolidation range. If price eventually pops above 80.65, I will then look for further upside, but for now, with prevailing downtrend and simply a consolidation, I am not ready to call AUD/JPY bullish outside of the very short-term.