Trading Outlook; AUD/JPY
Originally Updated: 06:10am
Currency Pair: AUD/JPY
In today’s trade set up we will be focussing on short term buying opportunities on the AUD/JPY.
The AUD was propped up overnight after the trade surplus in China grew in October to $45.4 billion, beating economists estimate’s of $42 billion. This coupled with BOJ Governor Kuroda saying last week he saw no limit to what steps the central bank could take in its goal to achieve their target inflation rate of 2% leads us to look for buying opportunities on the AUDJPY today.
We have a nice confluence zone at 98.15-98.00. This should offer short term support for any pullback.
Stop loss could be placed at 97.75
Take profit target: 98.75
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