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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

Michael Boutros, Strategist

Talking Points

  • AUDJPY testing key near-term resistance confluence- immediate long bias at risk below
  • Updated targets & invalidation levels
  • Event Riskon TapThisWeek

AUDJPY Weekly

AUDJPY Rebound Faces First Hurdle- Long Scalps Favored Above 91.24

AUDJPY Daily

AUDJPY Rebound Faces First Hurdle- Long Scalps Favored Above 91.24

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

AUDJPY Rebound Faces First Hurdle- Long Scalps Favored Above 91.24

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.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

AUDJPY Rebound Faces First Hurdle- Long Scalps Favored Above 91.24

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

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