AUDJPY 11/5/2020 (MIDAZ TRADING STRATEGIES)

AUDJPY

Last week call for shorting the pair was correct, though 2 days before market close the pair rally back to original point.

The rally was due to Positive trade balance in AUS.
This week employment data in AU are predicted to be better than consensus.

With SAR showing nice upside angles, we see high probability of reaching higher recent highs .
We see the pair trying hard to break free from FIBO 61.8% mark, with daily resistance in place, possibility of a pullback is high.
With weekly downtrend zone.
We would wait for better price to short this pair.

Note : Japan's next monetary policy meeting is 16june. By then it should raise rate out of the negative zone.
B4 that. chances of continuing the downtrend of this pair is high.