Talk in the market that the BoJ could be looking at new easing measures could support the pair, however price action is largely going to be dictated too by the...

Chris Weston
Chris Weston IG Markets

Talk in the market that the BoJ could be looking at new easing measures could support the pair, however price action is largely going to be dictated too by the raft of US data (see gold wrap). Traders will be watching for a daily close (09:00 AEST) below yesterday's low of 102.23, for the pair to print a bearish daily reversal, which could signal a change in the trend. A close above 102.23 though could signal a buying opportunity given the pullback from overbought levels at 103.38.

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