FX:AUDJPY   Australian Dollar / Japanese Yen
55 0 3
Price at Fib level 0.5.
Monthly candle showing bullish signs with a pullback from near a support level of 77.664 back up to 80.270.
80.000 will be a psychological level, being a whole number, will look to enter a long position for a move up towards 83.000 and if rally continues a break towards 86.000 where the 0.382 Fib level is.
Note: RBA cut interest rates last month, forecasts by certain banks in Australia predict a further 2 cuts by the end of the year. This is a long trade based on monthly chart and thus news will play a major role. Analysts predict RBA to cut rates around August or later, of course if inflation numbers are similar to last month (-0.2%) the cut could be as early as next month. There will also be an influence of Japans interest rate and inflation rate. BOJ is already negative further cuts would see significant depreciation with the RBA having its rates at 1.75% (Historical low). However, there is strict regulation against manipulation in the markets with the World Bank and US watching Japan closely. Significant changes to BOJ interest rate seem unlikely unless inflation continues to decrease. A rise in interest rates seems unlikely at this time.
Comment: Please post your opinions down below, would like to see what other people think of this situation.
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