JPY Trading Outlook
Another very busy day on the AUD crosses with AUD/NZD rejecting the 1.1200 level and returning to bear-mode but pairs like AUD/JPY making decent gains. AUD/NZD seems certain to test large optionality at 1.1000 in coming days. AUD/JPY has been trading sideways for some weeks and really needs to break above the 200-dma at 94.40 in order to gain fresh momentum. EUR/AUD is starting to look bearish having rejected levels above 1.50 yet again.
The AUD has also stabilised on the crosses over the last few trading sessions and it’s beginning to show some small signs of strength against the NZD and the JPY at least. AUD/JPY has continued to make modest gains but is still stuck in range-trading mode either side of 93.00. AUD/NZD is back at its breakdown level and recent pivot near 1.1200 and if the bulls can hold above here, we could get a sharp short-covering spike?
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