AUDJPY Turning Lower Again
The AUDJPY breakdown trade was triggered on the initial move below 82.02. Despite a pullback above the level, price subsequently ran into further selling pressure on a retest of the 83.02 level and is now moving lower once again. With MACD and RSI bearish, the focus is on a move down to the initial target at 80.69.
Key Data to Watch
Despite better than expected employment data overnight, AUD is under pressure today following a weaker than expected China GDP print. Meanwhile, JPY is still seeing solid safe-haven demand across the board due to residual uncertainties and risks around the COVID pandemic. The BOJ decision overnight will be the key data to watch for the pair. While no changes are expected, the focus will be on the bank’s outlook report which has the potential to cause volatility if any changes are seen from last time.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.