AUD/JPY likely to be the key intraday mover
- Strong technical resistance at 89.00 in AUD/JPY.
- AUD positioning remains at extreme short levels, although un-wind seems to have begun against most other majors.
- Market remains bearish on JPY and will not need much persuasion to buy AUD/JPY under the right conditions.
I’d suggest waiting for any technical break to occur and then looking for dip-buying opportunities. Alternatively, AUD bears will find good risk-reward in selling a failure at 89.00 with a tight stop-loss.