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Near-term Setups in AUD/JPY & NZD/JPY

Near-term Setups in AUD/JPY & NZD/JPY

2017-08-15 13:21:00
Michael Boutros, Strategist
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Here's an update on the setup's I’m tracking into the start of the week. Find a detailed, in-depth review of all these setups and more yesterday’s Strategy Webinar.

AUDJPY 240min Chart

AUD/JPY 240min Timeframe

We highlighted this key support zone in AUDJPY last week at 85.45 and the rebound is now testing near-term downtrend resistance. The focus is on this slope for now. IF we breach, look for follow through surpassing 86.93 to confirm the reversal targeting 87.55/64. Near-term bullish invalidation now raised to 85.84.

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NZDJPY 240min Chart

NZD/JPY 240min Timeframe

We’ve been tracking this breakdown in NZDJPY since last week with the decline taking out targets into 79.36. A late-week rally off slope support has carried over with the advance taking price through channel resistance today. The pair failed to accelerate on a breach above this trendline and current price action still has me looking for exhaustion again. Near-term bearish invalidation now lowered to 81.12 with a break sub 79.77 needed to mark resumption of the medium-term downtrend targeting 79.36, 78.79 & the 78-handle.

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---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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