Another factors help the Aussie is the Australian Federal Election over the weekend, traders in the market expected the opposition party to win, and that's what I expected as well. The opposition plan to get rid off mining tax and carbon tax which may boost the economy. $AUDUSD pretty much priced in that factors, if opposition win, I think we can see a little pop in early Monday, and I I expected the rally fade later on. My preference is to short at 0.9210, stop 0.924 and target 0.9150
$USDJPY down nearly 1% in today's trading session. However late in the day the pair moved higher and closed above 50 days and 100 days SMA. The pair just finished a wedge and now its in a bullish mood, my preference is to long and target 100, stop 98.5.
One key risk is Abe's sales tax hike. Traders concern the tax hike could stall recover, on the other hand, traders also concern Japan's fiscal situation. Japan has a debt to GDP ratio of 250%. Highest in developed country.