AUD/JPY: Bears looking for break below 85.20
According to positional reports in the professional market, it would seem that there has been a significant build-up in AUD/JPY longs over the last few weeks. A quick look at the 4-hour chart suggests to me that if there are trailing stops, they are likely to be placed below 85.20. This could be the important level to watch if the RBA cuts rates as expected. If they don’t, then we can expect to see AUD/USD back near 1.0500.