AUDJPY Idea
Technicals:
AUDJPY has very clean price action to continue it's bullish trend. After breaking above previous highs (resistance) price has held strong and had a healthy pullback to the fibonacci 0.5 - 0.616 level AKA golden zone. This paired with the MACD showing bearish momentum weakness and DSS being close to 'oversold this looks like a healthy long position.
Economics:
While the AUD is not the strongest currency, I am extremely happy to take a long mainly based on the JPY. It was consensus the BoJ (Bank of Japan) would intervene once the USD/JPY had reached the 150.00 level. This is no longer the case, consensus is now that the BoJ will not intervene until 2024. This means the JPY weakness will more than likely continue into early 2024.
AUDJPY has very clean price action to continue it's bullish trend. After breaking above previous highs (resistance) price has held strong and had a healthy pullback to the fibonacci 0.5 - 0.616 level AKA golden zone. This paired with the MACD showing bearish momentum weakness and DSS being close to 'oversold this looks like a healthy long position.
Economics:
While the AUD is not the strongest currency, I am extremely happy to take a long mainly based on the JPY. It was consensus the BoJ (Bank of Japan) would intervene once the USD/JPY had reached the 150.00 level. This is no longer the case, consensus is now that the BoJ will not intervene until 2024. This means the JPY weakness will more than likely continue into early 2024.
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