Currency Pair: AUD/JPY
Sentiment: Bearish
Market focus:
In today’s trade set up we will be focussing on short term selling opportunities on the AUD/JPY.
Fundamentals:
We have seen a risk averse market environment over the last two days as investors moved flows into Yen as Japanese stocks tumbled. Still looking at the AUD with the RBA potentially looking to cut interest rates next year we would be looking for selling the AUD/JPY today.
Technicals:
I expect this pair to continue its down move during the session, eventually breaking 98.00. If the market does retrace back up then there is a nice confluence zone of resistance that traders could use as a reference to sell from again.
The confluence zone is at 99.95-100.10
Stop loss could be placed at 100.60
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