Forex Trading Signals – selling opportunities AUD/JPY
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Originally updated: 08:00
Trading Bias: SHORT
Currency pair: AUD/JPY
Current Sentiment: Bearish
In today’s trading session we will be focussing on selling opportunities on AUD/JPY.
Fundamentals:
Overnight the AUD was the session’s worst performer as markets continued to bring forward their rate cut expectations at the RBA’s April 7 th meeting, with 10 out of 26 analysts now calling for a rate cut.
The JPY is currently neutral with no clear sentiment so we could look at selling AUD/JPY. We want to avoid trading USD pairs going into Fridays NFP, mainly due to yesterdays worse than expected ADP number.
Technicals:
We expect this pair to fall lower during today’s session.
There is strong resistance at 91.50 should it rally that far, failing that, 91.00 is noted as medium term level of resistance which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.
Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could cause the JPY to weaken, as this would change the sentiment on this pair.
Other Market Moving News:
Looking ahead on today’s calendar we have UK Construction PMI, US Unemployment Claims and US / Canadian Trade Balance.
Elsewhere, price action across other major pairs and crosses was relatively subdued with all eyes firmly on Friday’s NFP report.
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