AUDJPY: Expecting a strong start to the week before BoJ
I'm expecting continued Aussie strength as the market expects China recovery is in progress.
BoJ interest rate and minutes will be big news on Friday, but before then I expect to see a continuation up within the current rising channel, breaking and retest initial support around 95.6 to rise to test the 96.6 support.
We're heading into very choppy waters now, and I expect BoJ to start defending their currency so I'm mindful to have very tight SL's up here, moving to BE as soon as possible and ultimately preparing for a reversal, but I think there's a little way to go yet.
With Aussie building momentum I feel confident in still being long here, but being uber-careful as you never know what will happen!
BoJ interest rate and minutes will be big news on Friday, but before then I expect to see a continuation up within the current rising channel, breaking and retest initial support around 95.6 to rise to test the 96.6 support.
We're heading into very choppy waters now, and I expect BoJ to start defending their currency so I'm mindful to have very tight SL's up here, moving to BE as soon as possible and ultimately preparing for a reversal, but I think there's a little way to go yet.
With Aussie building momentum I feel confident in still being long here, but being uber-careful as you never know what will happen!
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