Sell yen and buy high-yielders seems to be the theme of the last few hours and we’ve seen AUDJPY and NZDJPY both head higher to 100.12 and 90.00 respectively.
I said in the comments section earlier that given the downside risks to AUD that buying straight USDJPY might be a better value trade if you like being short of yen and I stand by that, but the carry is still proving to be an attraction it would appear.
Immediate AUDJPY target/ceiling comes in at 100.90 not seen since April 2013 on its way higher to 105.67, short of the previous highs of 108.64
AUDJPY Monthly 11 Nov
Can we get back up to those heady heights again ? and if so by when ? I’m not so sure despite the trend, but the carry is a decent argument if AUDUSD is indeed nearing its lows but I’m not convinced of that either. And is yen-selling still such a one way bet up here?
Let’s throw it open to the ForexLive masses and see what you think
