AUDJPY Technical outlook
🎇🎇🎇🎇AUDJPY
Technical outlook
Bullish scenario
On a weekly time frame the currency pair is forming inversed head and shoulder and the price is trading right at the neckline. As this technical formation is forming on a higher time - W1, frame it will be watched from a lot of big players too. If AUDJPY breaks the neckline the first target for the bulls will be 80.80, the second target 84.00 and the last target (which is the target projection from the technical figure itself) will be 89.00 which will be the level aimed from the longer-term traders/investors.
Bearish scenario
More aggressive bears could try shorting the pair at the current levels and placing the stop loss slightly above the neckline. Otherwise more cautious short sellers will look for break of the 76.50 support level before initiating short positions with target - next support at 73.00.
Fundamentals
AUD is one of the strongest currencies in the FX market. Its power is driven by the strong commodity markets and especially the Gold. From the other hand traders and investors purchase JPY when the risk aversion of the market appears, and seasonality shows that it’s not the time to be “risk-off” type of trader in terms of the equity market.
With the above said the long odds seems to be for the bullish technical scenarios above.
Technical outlook
Bullish scenario
On a weekly time frame the currency pair is forming inversed head and shoulder and the price is trading right at the neckline. As this technical formation is forming on a higher time - W1, frame it will be watched from a lot of big players too. If AUDJPY breaks the neckline the first target for the bulls will be 80.80, the second target 84.00 and the last target (which is the target projection from the technical figure itself) will be 89.00 which will be the level aimed from the longer-term traders/investors.
Bearish scenario
More aggressive bears could try shorting the pair at the current levels and placing the stop loss slightly above the neckline. Otherwise more cautious short sellers will look for break of the 76.50 support level before initiating short positions with target - next support at 73.00.
Fundamentals
AUD is one of the strongest currencies in the FX market. Its power is driven by the strong commodity markets and especially the Gold. From the other hand traders and investors purchase JPY when the risk aversion of the market appears, and seasonality shows that it’s not the time to be “risk-off” type of trader in terms of the equity market.
With the above said the long odds seems to be for the bullish technical scenarios above.
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