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A positive buy signal on AUD/JPY chart

After the range bound period from 16 February to 19 April 2017, AUD/JPY struggled to develop an uptrend rebounce through the beginning of May over the days ahead as the Reserve Bank of Australia (RBA) appear to be in no rush to move away from its easing-cycle.

Before the release of RBA interest rate decicion and rate statement at 23:30 GMT-7 today, the release of BoJ Monetary Policy Meeting Minutes at 18:50 may keeps AUD/JPY vulnerable to shifts in market sentiment.

In terms of technical analysis, AUD/JPY has a bounce from the 50 moving average on weekly chart to show a positive buy signal in short term. I have an expectation that this currency pair will follow a straight three week uptrend to reach the area of 88.xx – 90.xx before having a pause then making a reversal.

Happy trading!

By Jack Huyn.

Please be informed that information I provide is for educational purposes only and not intended as investment advice. Information and analysis above are derived from utilising methods believed to be reliable, but I cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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