AUD/JPY: Bulls eye 50% Fibo retracement to 75 the figure

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  • AUD/JPY is correcting the 9th June sell-off and has made it to the 38.20% Fibo retracement of the same range.
  • The cross has penetrated the 20-4HR SMA with eyes towards the 50% Fibo retracement that meets the 2nd June swing low.
  • This has forced stochastics into an overbought territory in a down-trending market, making for a good argument for a short according to such rules.
  • However, with risk on markets taking up the theme, the 50% retracement leve is not far off around 75 the figure. 

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