AUD/JPY 3-wave rally stalls at resistance
A 3-wave rally has stalled at the 200-day EMA with a bearish Pinbar. This begs the question as to whether we've seen the end of an ABC correction and the cross is to now break to new lows.
Perhaps. But over the near-term, yen strength is favoured due to sticky inflation data from Japan, rumours that the BOJ are considering tweaking their YCC band later this year and a slight risk-off tone due to concerns over tighter liquidity and the US debt ceiling.
- The bias remains bearish beneath 90.25
- Next target is around the lows near 89.00
Perhaps. But over the near-term, yen strength is favoured due to sticky inflation data from Japan, rumours that the BOJ are considering tweaking their YCC band later this year and a slight risk-off tone due to concerns over tighter liquidity and the US debt ceiling.
- The bias remains bearish beneath 90.25
- Next target is around the lows near 89.00
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