AUD/JPY takes out previous trend lows
AUD/JPY has broken marginally below previous trend lows at 88.95 whilst AUD/USD is trading near session lows at .9065. Sentiment remains very bearish on the Aussie and with the prospect of large stops looming below 90 cents, its hard to see any major relief rallies any time soon. I’m position-less for a change but will now look to sell any exhaustive rallies in USD/JPY or maybe even buy silly dips in the AUD/USD, if the price is right? We could see 89 cents if big stops go off so I’m not in any hurry.