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Faraday: AUDJPY bounces back as risk appetite returns

"With Asian shares surging higher overnight following the Chinese New Year break it’s likely that we will see a recovery in risk appetite and one way to play this recovery is through AUDJPY", says Thomas Light from Faraday Research.

AUDJPY’s daily candle formed a large bullish hammer candle on Thursday which pierced through support only to close back above it.

This false break of support forms the basis of a double bottom reversal pattern. With prices breaking higher from Friday’s ‘inside day’ it is likely that we could see a sustained rally.

Faraday plans to place a limit order to buy AUDJPY on a retracement back to the emerging trendline at 81.01

Stop: below the overnight low at 80.02.

Initial profit targets come in at 82.50 with secondary targets at 83.47.

01:05 minutes
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