AUDJPY climbs again on risk-on sentiment

Author: Giles Coghlan | Category: News

AUDJPY at 74.32

I am currently long AUDJPY from around 73.90 as my go to pair for improving risk on sentiment. The AUDJPY gets the double whammy of yen weakness with risk on and the Australian dollar strong with any good news for China. (What's good for China is good for the AUD due to their close ties with the Chinese economy). 

AUDJPY is now currently trying to break back above the ascending trend-line it attempted to break on the hourly chart, but failed earlier in the session. The mood is risk on and that Trump is looking for a get out plan. How close that is to reality, I'm not sure. However, it is supporting risk for now and near term risk for longs is underneath the ascending trend line. However, I wouldn't fancy any longs now as there may not be enough sentiment in the market to push price above the 74.48 daily high from earlier today in the Asian session.

AUDJPY at 74.32
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