Placing a short term buy trade on Aussie Dollar versus Japanese Yen on the pair trading down to support levels on declining volumes- suggesting the selling is running out of steam which at the same time is lining up with the pair trading into oversold territory levels. Additionally stochastic is showing, from extreme levels, that the market is starting to turn higher.
Bollinger bands are also pointing to the market reaching levels which should indicate a turn higher as well as the market trading significantly below Ichmoku clouds- all pointing to a short term move higher.
On the news front we have Australian inflation data tomorrow in the early hours so we are looking for a short term squaring up on positions into the data print.
Good luck trading
from the Team at forexTrdr
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