AUDJPY – SELL Market Execution- 2nd March 2021

AUDJPY – SELL Market Execution- 2nd March 2021 (Closed)

Good afternoon team,

A solid win on Brent oil, nice work!

This afternoon we are turning our attention to the AUDJPY. The pair has fallen from its recent swing high and based on the RBA’s comments over the past week, we see the potential for further downside. Over the past week, the RBA has increased its bond purchasing program in an attempt to push down interest rates on the 10-year bond yield. The market is expecting interest rates to remain on hold in today’s data release, however, economists will be looking at the statement for an indication into the size of the QE program. If the RBA signals an increase in bond purchases for a longer duration we may continue to see a weaker AUD throughout the trading day.

AUDJPY – 4 Hour Charts

There is a key trend line support coming into play around the 81.70 zone. This is the area we will be looking to target.

AUDJPY – 1 Hour Charts

Looking at the AUDJPY from a technical perspective there has been a bear flag breakdown which can indicate a continuation to the downside.

Trade Setup: SELL Market execution, current price 82.72, stop loss 83.32 and take profit 81.72.

Stop loss: 60 pips

Take profit: 100 pips

Trade Setup
SELL - Market Execution

Entry
82.72

Take Profit
81.72

Stop Loss
83.32