FX Trading Idea – AUD/JPY

We had recommended a short sell for this pair in our Daily FX Commentary today. Price reached a high of 74.80, filling our sell order at 74.75. On the hourly chart, the high was capped by the 20EMA. From the hourly candlestick pattern, it looks like price a reversal is coming. MACD is still bearish and Stochastic could see a bearish crossover.

Our view remains unchanged. Stop should be placed at 75.05 and target remains at 73.95. If price breaks the low of 74.55, we will look to bring current stop order lower.

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