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One market that is very interesting for possibly upcoming risk-off conditions is AUD/JPY which is seen in a nice impulsive drop. We are still waiting on a deeper corrective bounce before we may consider short-entries. There was some bounce up to 85.30, but not enough big for a good risk/reward trade.
AUD/JPY, 1H
If from any reason USD would turn up against majors, such as EUR, GBP, CHF and JPY, then our pick would be GBP/USD as we see price moving up very slowly, so a decrease of bullish momentum that suggests it's wave C of a corrective rally. But there is still room for 1.3350 before recovery may come to an end. This one is definitely on our radar screen.
GBP/USD, 1H
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