AUD,NZD/Technical Analysis/Trade Ideas/USD/JPY

AUD/JPY: Given market’s penchant for range trading, shorts preferred from current levels

     Unless you have a really strong reason for wanting to be long at the moment, I’d suggest that the more likely scenario is that this pair remains entranched in range-trading mode just like so many other pairs are at present. The market tried to poke its nose above 83.50 on Friday but the fact that it couldn’t maintain those gains suggests to me that the market lacks momentum and confidence. With obvious parameters at 79.50/83.50, and with the big risk event tomorrow with the RBA, I’d say risk-reward is definitely with the bears.

Leave a Reply

Your email address will not be published. Required fields are marked *