AUDJPY squarely bearish, but also very extended...

FX:AUDJPY   Australian Dollar / Japanese Yen
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Risk Disclaimer: The content published by this account is for demonstration purposes only and should never be considered financial advice.

After passing through the 84.00 barrier, the AUDJPY             has now crossed all major exponential moving averages that are typically eyed by the market on both the D/W/M timeframes. Fueled by Australian data yesterday, this pair has become very bearish but also somewhat over extended on shorter time frames. We are short this pair lookinng for a move into 82.00 but can scale into it safely if it rebounds higher. The JPY is a currency that traders should be careful with as intervention is not out of the cards. Overall, topside barrier at 84.00 is roughly the line in the sand for those who are short.
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