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Chart in focus: AUD/JPY. Waiting on China


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AUDJPY at key turning point

So, the tariffs have finally come and are due to come into effect on the 24th September. There has been a muted response from China, so far,  and the price action has been choppy. However, as Justin points out, all eyes are on China to see how they will respond. It is difficult to know exactly how they will respond and there is general uncertainty about it. So, the next move will come when the unknown becomes known. 

The AUDJPY is at a key crossroads point where there is an obvious place to define and limit your risk. On the 15 minute chart price is sitting at at a R1 pivot point as I type at the 80.58 region. See chart below,

On the 4 hour chart price is sitting just underneath the 4H 200MA (red line) with an obvious place to define and limit your risk again. If China get into hitting back and AUD gets sold and JPY is bid on risk aversion this offers the ideal place to short the pair. However, if China is conciliatory to the US then there will likely be a further relief rally and price may break through those technical resistance zones. 

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