AUD/JPY oversold to bounce off 200 DMA

Panjang

Dolar Australia / Yen Jepun (EASYMARKETS:AUDJPY)

EASYMARKETS:AUDJPY Dolar Australia / Yen Jepun

chartpattern fundamental audjpy audjpylong aud

AUD has been belted lower since the RBA went to lengths to slow down the market pricing in rate hikes.

AUD/JPY has fallen alot less than AUD/USD because of USD/JPY rally since the US inflation numbers on Wednesday restarted the inflation debate.

AUD/JPY is just above the 200 DMA at Y82.80 and we are looking for at least a technical bounce to Y84 but if next week (Tuesday) Australia wage inflation is strong we can see a sharp move back to Y86.

Main risks to trade is US stock market correction or China negative news.

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