AUD/JPY Catching the bid?
Given the current condition of uncertainity-characterectised market sentiment due to the ongoing trade war, price of financial instruments are currently choppy. Aside the choppiness the Aussie (AUD) have been in a selloff following growing weakening conditions in the Australian economy. However, this dip is seen to be “contained” and could be likened to increase in price valuation in copper – AUD is commodity linked.
Technically, traders can look to buy the AUD/JPY as Japanese is seen to pick up its uber-dovish theme (see m15 Chart).
Fig 1: 15-Minute AUD/JPY Chart
AUD/JPY
Buy @ current market price (instant execution)
Stop: 81.785
Limit: 82.535
Alternatively, every potential move in the market is still currently in the shadow of the trade war and for a commodity-linked economy like that of Australia, impact would be quite immense if things escalates.
Traders are always advised to use a stop loss!
