Sentiment: Short term bearish
Market focus: In today’s trade set up we will be focussing on short term selling opportunities on the AUD/JPY.
Fundamentals: With a worse than expected home loans number out of Australia overnight (Act -0.9 vs Exp 0.2) and the yen gaining ground as investors seek demand for haven assets due to stock declines and signs the global economy is slowing the AUD/JPY seems a good pair to be focussing on today.
Technicals: We have a nice confluence zone at 95.20-95.25. This should offer short term resistance for any pullback.
Stop loss could be placed at 95.45
First take profit target: 95.00
Second take profit target: 94.60
Trade management: After target 1 hit stop loss could be moved to breakeven
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