AUDJPY – BUY – 3rd August 2021

AUDJPY – BUY – 3rd August 2021 (Closed)

Good afternoon team,

A very positive RBA interest rate statement a few minutes ago. This has set the tone for a bullish outlook on the AUD.

https://www.rba.gov.au/media-releases/2021/mr-21-14.html

The key takeaway is the Australian economy is resilient despite the ongoing lockdowns, they are expecting the economy to make a full recovery over the coming months and years. The RBA has also kept bond tapering on the table moving forward and expects to begin tapering in early September, which was against the market consensus.

AUDJPY – 4 Hour Chart

Trade Setup: BUY Market Execution, current price 80.80, stop loss 79.90 and take profit 82.80

Stop loss: 90 pips

Take profit: 200 pips

Any move below the 79.80 support will set up another lower low meaning bears are still in control. Whilst the market trades above the 79.80 support we can consider long trades.

Trade Setup
BUY - Market Execution

Entry
80.80

Take Profit
82.80

Stop Loss
79.90