News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Near-term Setups in AUD/JPY & NZD/JPY

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

Michael Boutros, Strategist

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.

New to Forex? Get started with our Free Trading Guide!

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.

Join Michael this Friday for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

---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.

DISCLOSURES