$AUD $JPY trading - aussie slams into resistance against the Japanese yen:
, forming the so-called death cross. The death cross of course is a very negative longer-term sign, so it’ll be interesting to see how this plays out. After all, the Japanese yen it is potentially one of the more interesting currencies to trade in 2023, as it was so feverishly sold off during most of the previous year. Remember, the Bank of Japan has stated that it is going to keep yield curve controls in place, with the 10-year note having a ceiling of 50 basis points.
It’s also worth noting that the Wednesday candlestick was rather brutal and showed massive buying against the Japanese yen, not only in the Australian dollar but most other currencies. In other words, we may have recently seen the “bottom” in the market, as we formed a double bottom at the ¥88 level.
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