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AUDJPY Shorts Favored Below 77.50
On April 24th I wrote about how AUDJPY was unlikely to encounter much demand until 77.50. The idea came about because of the false break above 79.80. As is often the case, that false break triggered an aggressive and lasting move in the opposite direction. I even pointed out how the 78.80 region was resistance in my April 24th post. Sure enough, AUDJPY made it as high as 78.94 on April 29th before losing 180 pips as of today’s price. A weekend gap brought the pair below (former) range support at 77.50. You can see where Monday’s session closed below this level. That gap at 78.03 was closed early in Tuesday’s ... (full story)