Forex

MUFG trade of the week: AUD/JPY to keep on falling

MUFG recommends promoting AUD/JPY in a brand new commerce this week and in addition re-emphasizes its name for purchasing EUR/GBP.

In AUD/JPY, they suggest promoting at spot at 89.50 with a goal of 84.50 and a cease at 92.50.

“We’re recommending a brand new brief AUD/JPY commerce concept to replicate our view that the curret interval of threat aversion is more likely to lengthen additional within the near-term,” MUFG notes.

“We consider there’s room for the JPY to proceed to rebound in mild of brief positioning and stretched valuations. The AUD alongside different commodity currencies are coming beneath extra promoting stress as world progress fears intensify,” they wrote.

In addition they preserve a protracted EUR/GBP commerce with a goal at 0.8800 and a cease at 0.8440. Spot is at 0.8500.

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