Chapter 17 Is AUDJPY keep trending down?
19/03/2023
Summary
The uncertainty risk situation in the market Leads the market to buy the Japanese yen as a safe haven
Fundamental analysis
Fundamentally on this pair AUDJPY, We see from last week the Japanese yen started to gain strength because of a few banks in the US and Europe (SVB, signature, Credit Swiss bank) Collapse And the uncertainty About what's going to happen in the near future, on the other hand, the speaker of Australian bank said last time About they have no plan yet to increase the interest rate.
Technical analysis
In this 4-hour diagram chart, the market price now is 88.300, we expect the market to push up the price to the previous supply zone at 90.200 then we expect the price to push down to the oldest demand zone at 87.800 Creating side way movement with 20 moving averages pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price:90.164
Target Price:87.885
Stop Loss: 91.166
