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AUD/JPY breakout points and risk reward

FXStreet (Barcelona) - AUD/JPY is trading at 93.89, down -0.05% on the day, having posted a daily high at 94.09 and low at 93.76.

AUD/JPY has remained in a sluggish sideways manner with trade offs in the pair on US dollar volumes coming out net-net while markets have, to some extent, normalised this week. The Aussie is looking the boss of the two in respect to the outlook given the Chinese data overnight and a comfortable sounding RBA and the mood around BOJ.

AUD/JPY risk / reward

Anyway, a move out of the current range could entice a break out one way or another but actually with there being more downside potential in terms of reward in short term given the pace of the move at the end of last week. S1 93.60 is key in this respect. To the upside, R1 94.23 brings in key resistance. The Yen is likely to remain capped on much further upside given the basis of Japans demand for foreign assets and the BoJ QE programme.

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