Longs Pay Off
The breakout trade in AUDJPY has proved to be one of the best performing trade ideas recently. Price has now hit the final 85.43 target following the breakout above 82.02. Currently, price is holding around the 85.43 level. Not unreasonable to expect a little chop around these previous highs, however, while the 83.94 level holds in place, the focus is on further upside for any wider long positions. Both MACD and RSI still bullish here and retail market is heavily short, suggesting scope for further upside.
Key Data to Watch
RBA governor Lowe speaks later today, followed by Japanese CPI and manufacturing data overnight. Lowe is likely to reiterate the broadly optimistic view held by the RBA while Japanese data has the potential to drive further downside in JPY on any underperformance. With this in mind, these events should be broadly positive for AUDJPY.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.