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AUD/JPY Showing Momenutm (January 16, 2014)

Thanks to Australia’s weaker than expected jobs data, AUD/JPY finally broke below that short-term consolidation on the top of the falling channel on its 4-hour time frame. At the same time, the yen could continue to gain ground as risk aversion has been driving currency movements.

Stochastic is in the oversold region though, indicating a potential bounce, but this might only last until the top of the channel or the bottom of the box pattern.

140116_audjpy

 

Shorting at market with a stop above the channel or 100 pips and aiming for the bottom of the channel around 90.50 could yield a good return on risk.

By Kate Curtis from Trader's Way

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Instrument Bid Ask Spread
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Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

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