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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bullish
More View more
Real Time News
  • Bank of Japan’s Deputy Governor Amamiya speech talking points: -The BOJ will not hesitate to proceed with more easing when risks rise -Japanese banks currently have adequate capital -Japan would be affected by a deterioration in global growth -BBG #JPY
  • #GBPUSD Breaks 5-Year Resistance, #EURGBP Testing Key Support - https://www.dailyfx.com/forex/technical/home/analysis/eur-gbp/2019/12/12/GBPUSD-Breaks-5-Year-Resistance-EURGBP-Testing-Key-Support.html
  • $AUD stocks may fall if the absence of a US-China trade deal and an uncomfortably close UK election outcome sour sentiment across financial markets. Get your market update from @IlyaSpivak here:https://t.co/gvUcYJaw1k https://t.co/cG2PekTLUd
  • Since late July, the economic news flow from Sweden has been under-performing relative to economists’ expectations however there has been some improvement since early October. -Citi #SEK
  • #KRW, #JPY and the #PHP are expected to be the most active Asian currencies vs #USD with 1-week implied volatilities at 7.87, 5.86 and 5.64 respectively
  • $GBP: An important opinion poll ahead of Thursday’s UK General Election has raised the chances of a “hung” Parliament, with neither the ruling Conservative Party nor the opposition Labour Party winning an overall majority. More from @MartinSEssex here:https://t.co/Ca76jUTQcl https://t.co/XJuX4UcZlG
  • Over the past 30 days, #NZD has been the best performing G10 currencies vs. USD with 4.03% spot-returns while #JPY has been the worst with 0.41%
  • The Australian Dollar and New Zealand Dollar soared after the Fed rate decision. This leaves AUD/USD and NZD/USD face trend-defining resistance. Follow-through may have to wait $AUDUSD $NZDUSD #Fed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/12/12/AUDUSD-and-NZDUSD-Rates-Soar-on-the-Fed-Powell-to-Resistance.html?CHID=9&QPID=917702 https://t.co/hrfuX64Oxp
  • 🇬🇧 GBP RICS House Price Balance (NOV), Actual: -12.0% Expected: -5.0% Previous: -6.0% https://www.dailyfx.com/economic-calendar#2019-12-12
  • 🇦🇺 AUD Consumer Inflation Expectation (DEC), Actual: 4.0% Expected: N/A Previous: 4.0% https://www.dailyfx.com/economic-calendar#2019-12-12
FX Reversals: AUDJPY Resistance Reversal Update

FX Reversals: AUDJPY Resistance Reversal Update

2014-09-24 13:12:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • AUDJPY Tests Range Resistance
  • Breakout Signaled Above 96.68
  • Range Support Found at 96.02

AUDJPY 30min Chart

FX Reversals: AUDJPY Resistance Reversal Update

(Created using FXCM’s Marketscope 2.0 charts)

Suggested Reading: Trading Intraday Market Reversals

The AUDJPY has been slowly trending lower this week on Aussie weakness. This has allowed traders to look for further weakness as the pair tests key values of resistance. Currently the AUDJPY has failed to break above its daily R3 range resistance value at a price of 96.46. In the event that price begins to move lower, retracement traders and range traders alike can begin to target values of support. As seen above, range support stands at a price of 96.02, completing todays 44 pip trading range.

If market conditions change from present, traders should begin looking for an increased probability of a price breakout. A price breakout below S4 pivot support at 95.80, would signal strong momentum in the direction of the AUDJPYs current trend. As well a move above the R4 pivot at 96.68, would indicate the possibility of a broader reversal on the creation of a higher high. In either breakout scenario, traders should look to conclude any range based positions and adjust to the markets current directional bias.

FX Reversals: AUDJPY Resistance Reversal Update

Yesterdays Update

Yesterday, traders were waiting to see if the EURUSD could maintain a counter trend reversal above its R4 pivot. By the conclusion of U.S session trading, price had moved back into the trading range, indicating the creation of a false breakout. Now, the EURUSD has moved through layers of support and is attempting to breakout towards fresh lower lows. To learn more about yesterdays action, check out Tuesdays FX Reversal article linked below.

FX Reversals: EURUSD Breakout Update

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.

To be added to Walker’s e-mail distribution list, CLICK HERE and enter in your email information.

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

DISCLOSURES

News & Analysis at your fingertips.