HSBC recommends to short AUD/JPY

AUD-JPY is likely to move lower as the market has a lot priced in for BoJ easing but is not fully priced for an RBA rate cut. In addition, AUD-JPY is vulnerable to any reversal lower in risk appetite. This might occur if markets worry that the round-trip in risk assets following the Brexit shock was fostered by expectations of dovish policy responses which might not now materialize in full.

Sell AUD-JPY @ 79.40, target 75.10, stop 81.80

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