AUDJPY Clarifies the Hint
The recurring failure of AUDJPY to regain 80 since mid August reflects mostly yen strength and speculators relative comfort to maintain the AUDJPY carry trade rather than AUDJPY. RBA is expected to hold rates unchanged at 3.00% tonight, but could well open the door further open for a November/December rate hike, in which case may boost Aussie across the board in Tuesday Asian tradeespecially in the event of a rebound in regional indices. Nonetheless, the chart below suggests selling AUDJPY on the rallies near 80 continues to be the modus operandi for AUD traders, especially as the lower highs in the stochastics signal a continued bearish divergence.
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