Dislikedanyone has any view on aud/jpy pair? thought it is oversold and may bounce north.Ignored
I have not been watching this pair personally but here are some thoughts on the current price level.
Since the major move from 2008 to 2012 completed the pair has reacted nicely to the fib levels as seen on the chart. A bounce off 38.2% rejected at 23.6% and now looking like it might retest the 38.2% quite soon after the first test. Plenty of support below following a rapid drop from recent highs. Both pairs are having the living daylights beaten out of them by their respective central banks monetary policies. Japan is planting vast acres of money trees in order to escape from long term deflationary stagnation, whilst the RBA is ready with it's interest rate slashing magic wand to depreciate the AUD. For a long term opportunity I would be looking to see which of the two economies show the first signs of moving away from a current dovish stance to a more hawkish position and if there is a significant divergence between the monetary policies that could give the pair directional momentum. For the time being I don't have any directional bias on this pair.
Nil desperandum