Trade Recommendations for current Session
Today I’m looking for buying opportunities on AUD/JPY with the AUD been the most active currency overnight as the AUD surpassed its counterparts in price action in yesterday’s session, aided by a stronger than anticipated trade balance as retails sales in Australia kept pace with economists forecasts’.
You could look to buy this pair at current market value of 97.90 or wait for it to drop to 97.85 area, with a profit target of 98.30 to 98.15 and a SL at 97.60 to 97.55 if you’re feeling brave.
Overall Bias on this trade
The AUD had greater gains than the majority of its counterparts following a positive trade balance coming from the state, which caused AUD/NZD to trade at a price action not seen since late 2013.
I expect the AUD to continue strengthening throughout the session; bear in mind that with tensions de-escalating in Ukraine we can expect to see a steady migration away from the JPY as a safe haven currency in addition to this it is also key to remember that the BoJ are actively trying to devalue their currency. You could even look to hold this position long given that the swap is quite attractive being that JPY is low yield and the AUD is high yield.At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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