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AUDJPY Rebound Faces First Hurdle- Long Scalps Favored Above 91.24

AUDJPY Rebound Faces First Hurdle- Long Scalps Favored Above 91.24

Talking Points



Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDJPY approaching resistance confluence ahead of 92.00
  • Breach targets 92.26 & the upper median-line parallel / 93.22
  • Broader bearish invalidation at 94.18
  • Support at 90.32 backed by 88.96-89.15 & 88.27
  • Daily RSI approaching 40 resistance- Pending resistance trigger in play
  • Event Risk Ahead: China 2Q GDP & BoJ tonight

AUDJPY 30min

Notes: AUDJPY has been trading within the confines of a well-defined ascending median-line formation off last week’s lows with the rally now approaching former daily support turned resistance. The rally is at risk here near-term sub-92, but the trade remains constructive while within this formation with a breach higher targets objectives at 92.26, 92.66 & 93.22.

Interim support rests at Friday’s close at 91.24 backed by the lower MLP (bullish invalidation). A break below looks for more significant support at 90.32/45 which is defined by the weekly low and the 2015 low-day close. A quarter of the daily average true range yields profit targets of 29-31pips per scalp. Event risk from the respective economies is somewhat limited but be on the lookout for the BoJ & China data tonight with the releases likely to fuel added volatility in risk sensitive pairs.

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Relevant Data Releases

Other Setups in Play:

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

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