kiwiwalnut
Long

Aussie Bias is Crazy

FX:AUDJPY   Australian Dollar/Japanese Yen
53 3 4
Despite crippling CPI             data - I feel that there is still a strong bias on AUD.
Reasons why I believe AUD bias is still strong
- Commodities are up and futures still running high - speculated on or out, that's the direction of the market
- RBA still has plenty of room to move in interest rates and AU derived bonds still looking healthy in immediate short term
- Domestic labour market still in good shape and adjusting at good rate away from mining sectors.

Reasons why AUDJPY             will go up:
- BOJ announcement tomorrow will be dovish no what as a proxy intervention to depreciate Yen
- Commodities rally leading to massive on risk market behaviour
- Because its Yen

Plan: Looking for price to touch .230 fib and trend support and sit out BOJ and watch price action.
Until commodities clam down - AUD will continue its slow rebound
Order cancelled: Lucky me
Thanks for the comments!
This is a risky deposition no matter how it is viewed but keeping a watchful eye for break down to 84.000 ( just below .618 fib and above historical support ) that may end up being a false break
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let's see if we the channel will be respected again.
Regards
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carry trade is still always big on fomc days so..
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