AUDJPY Lower
Trying AUDJPY lower this week.
Technicals look decent, double top forming at the 200 DMA as well as the 50WMA and a resistance line - should provide decent resistance to the topside.
I'm expecting a move lower in risk sentiment/stocks this week. Tomorrow is usually a very poor day for stocks, seasonality for stocks are still quite bearish until about a week or two, USD strength is likely on friday at corporate month end which should be poor for stocks, the fed minutes are likely to be hawkish which should also help. I also expect that yields could struggle to move much higher as we approach resistance around these levels. These ideas should overall mean lower stocks and roughly neutral/slightly bearish yields which should mean lower AUDJPY.
We could also see people position for a stronger JPY as we approach Friday where the BoJ nominee's will explain their stances, we've come a long way weaker in JPY since the initial announcement.
Not trading/investment advise, feedback welcome!
Technicals look decent, double top forming at the 200 DMA as well as the 50WMA and a resistance line - should provide decent resistance to the topside.
I'm expecting a move lower in risk sentiment/stocks this week. Tomorrow is usually a very poor day for stocks, seasonality for stocks are still quite bearish until about a week or two, USD strength is likely on friday at corporate month end which should be poor for stocks, the fed minutes are likely to be hawkish which should also help. I also expect that yields could struggle to move much higher as we approach resistance around these levels. These ideas should overall mean lower stocks and roughly neutral/slightly bearish yields which should mean lower AUDJPY.
We could also see people position for a stronger JPY as we approach Friday where the BoJ nominee's will explain their stances, we've come a long way weaker in JPY since the initial announcement.
Not trading/investment advise, feedback welcome!
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