AUDJPY trend break signals test of longstanding lows
Sellers returned to the market on Monday, with sentiment deteriorating by 1 Big Fig on the day. Lows in each of the last two weeks are being tested as a daily bull trend has broken overnight in Asia.
Bears may be cautious with the cross trading close to three and a half year lows, but signals are pointing to a test of this multi-year base.
Management and risk description
Allow room to sell an intraday rally. Lower stop to entry if the first target is met.
Entry: Market and ¥79.23, Monday's Marabuzo line.
Stop: ¥79.77, yesterday's high.
Target: ¥77.39, February's over 3 1/2 year base and ¥76.50.
Time horizon: Today only.
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