AUDJPY (BUY): We recommend BUY AUDJPY; T/P at 99.50; S/L at 96.79. As appears from the chart, there is a well-established support level for AUDJPY at 96.88. The cross rate has fallen by 8% in a little more than a month, and several technical indicators are beginning to signal that a correction is in the offing. Since yesterday, the cross rate has traded up by 1.2%. If the market reaches 99, we recommend that investors move S/L to 98.74. We think that in the long term, AUD will weaken further,
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Range trading offers opportunities