Chart of the Day: AUDJPY
Current subdued market volatility and demand for risk-on equity markets has suppressed the Japanese yen lately, so AUDJPY is enjoying an uptrend run from its August lows.
The market has shrugged off recent geopolitical tensions and AUDJPY is about to retest the 19 December high and long-term resistance at 76.15, where traders have expressed willingness to sell. AUDJPY will continue moving sideways as USDJPY forges a similar path.
Last Friday's upbeat print of Australian retail sales at 0.9% vs 0.4% expected, the highest in 8 months, helped the pair climb to the key technical level.
The US-China phase one deal is all done and dusted but failing to raise volatility as the market has already priced in the story.
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