AUD,NZD/FXWW News/JPY crosses

USD/JPY: Looking soft again after BOJ do nothing

The JPY crosses still look very soft to me and the reaction post-BOJ suggests to me that the market is long and nervous. Sell rallies in USD/JPY is the way to go I think. AUD/JPY could get dangerous on downside in coming days, that’s why I’m happy to sell AUD/USD rallies and look to book profits on dips after that (if/when cross turns toxic).

  1. Yes overall, but if AUD/JPY gets smashed then AUD/USD will struggle to jump in straight line. That’s why I will book some P on fail at 9330ish and then rebuy on dips. Lets see how it develops

  2. Sean, I thought this is a squeeze on USD longs and it just started. I agree with you that 0.9330 is a key level to watch. But even AUD/JPY turns ugly that doesn’t mean AUD/USD would follow. Do you remember just recently when USD/JPY at 94 EUR/USD was just below 1.35? The cross was low around 126. If this is similar to USD longs covering last time, we could well see AUD/USD at 0.95, USD/JPY at 95 and the cross is around 90…

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