AUDJPY: Expecting a strong start to the week before BoJ
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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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