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Trading Outlook – AUD/JPY

Jarratt Davis
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Originally updated: 06:48

Status: Pending

Trading period: LONG

Currency pair: AUD/JPY

Entry: 95.75-95.65

Take profit: 97.00

Stop: 94.65

Sentiment: Bullish

Market Focus: In today’s trade set up we will be focussing on buying opportunities on the AUD/JPY.

Fundamentals: The AUD rallied hard across the board as investors cut bets the Reserve Bank will cut rates this year after employment numbers surprised the market with Employment Change coming in at 37.4K vs an exp 5K and the Unemployment Rate printing 6.1% vs exp 6.3%. On top of this we had Copper and Oil prices bounce from their lowest levels bringing a more upbeat tone to the Asia stock market this morning.
From Japan, BOJ Governor Kuroda said they will maintain stimulus until their target inflation rate of 2% is reached.

Technicals: I am looking for buying opportunities on pullbacks, with a decent support area eyed out at 95.75 area.

The confluence zone is at 95.75-95.65

Initial stop loss could be placed at 94.65

Target area 97.00

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