AUDJPY Trade Idea (7th Februrary 2020)

Currency Pair: AUDJPY
Timeframe: H1
Date/Time of Signal: 7th February 2020 / 1600hrs (SGT)

Review:
Analysts and economists are downgrading China’s GDP growth forecast for 2020 as the coronavirus outbreak hits the world’s second largest economy. This in turn could impact Australia’s economy as China is Australia’s key trading partner.

AUDJPY has been unable to break and bounce of the resistance level of 74.20.

Trade signaled to sell AUDJPY (Entry: 73.72) with 3 Take Profit (TP) Targets (TP1: 73.52, TP2: 73.32, TP3: 73.12) and Stop Loss (SL) at 74.02.

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