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AUD/JPY could be on the brink of jumping
With AUD/JPY being a barometer of risk for FX, it’s been no major surprise to see the cross slump alongside investor sentiment as the Turkish crisis unfolded. But with it testing the lower bound of a 5-month range, this could be the beginning of the next leg lower. We highlighted the bearish structure on the weekly chartback in Junealong with our bias for an eventual downside break. Whilst we retain this view, this week’s ‘break’ lower currently lacks conviction, although we see evidence that themonthly chart could be about to break out of compression. The monthly chart exhibits a series of lower swing highs ... (full story)