In 2016 AUDJPY is trading between low of 79.5 to high of 86.5 range , it is a nice 700 pips range . how do we juice out an average monthly 1000 pips that is what the trade plan aiming for , Reserve Bank of Australia ( RBA ) and Bank of Japan ( BOJ) are the 2 main central bank that will determined the AUDJPY value . Tomorrow 3 May, 2016 RBA rate decision will alter the value of AUD , according to Australia Stock Exchange ASX rate indicator indicating a 58% expectation of an interest rate decrease to 1.75% at the next RBA Board meeting. Looking at daily chart.
Since BOJ no action last week decision It is in the downward trend. looking at the 4 hour , it is riding on the 5 downward trend any pull back up is the Bear opportunity to sell. According to the Commitment Trader report ( COT ) continue more long position in the last 6 weeks and net Long Position far above the Zero line. Unless RBA decided to cut the rate tomorrow the AUD upward trend will continue . further look into hourly chart to decide the Bias The Trend is still down so is The Bear world
Pre London in about 4 hours time probably a good chance to get an entry opportunity for today. Today with Shanghai , Hong Kong and Singapore market close for Labor day Holiday the market could be thinner and volatile.
Happy and Safe trading