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Mohammed Abdullah

AUD/JPY

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I believe so. There are a lot of market risks at the moment and with the par acting as a risk proxy I think this could be a good level to sell further. 

We have seen a lot of risk off movements this week and this should help a potential sell off. Even with the extremely bad GDP data out of Japan (which weirdly sees the JPY strengthen) we should still see JPY strength.

If you also are able to put a volume profile on your chart you will see that there is quite a lot of volume just above the level we are at and so it seems to me that it is a key level to sell at.

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Hello,

AUD/JPY climbed 0.17% to 76.25, prior to Tokyo open on Wednesday. The pair advanced to 76.31, its highest level since June 08. Investors stayed optimistic about the pair, due to positive news about developments regarding the coronavirus vaccine. 

Due to the positive market sentiment, the pair might manage to extend its latest rally unless we hear negative news regarding the global dislike of China.
 

 

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