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AUDJPY Approaching Monthly Open- Range Break to Determine Scalp Bias

AUDJPY Approaching Monthly Open- Range Break to Determine Scalp Bias

Michael Boutros, Strategist

Talking Points

AUDJPY Daily

AUDJPY Approaching Monthly Open- Range Break to Determine Scalp Bias

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDJPY testing key near-term confluence resistance at 86.12/28
  • Subsequent resistance & broader bearish invalidation at 87.31
  • Support 84.61/68 backed by the lower median-line parallel & 81.08
  • Momentum divergence into the lows warns of waning momentum
  • RSI resistance trigger pending- breach would be constructive
  • Key Event Risk Ahead: Japan Trade Balance tomorrow & FOMC Rate Decisionon Thursday

AUDJPY 30min

AUDJPY Approaching Monthly Open- Range Break to Determine Scalp Bias

Notes:AUDJPY has set a clean weekly opening range just below key confluence resistance around the monthly open at 86.13/28. The focus is on a break of this range with a general short-bias favored below the overnight highs with a break sub 84.61/68 (low-day close) targeting support objectives at 84.08 & 83.56.

A breach higher invalidates the immediate short-bias with such a scenario targeting 86.73 backed by key resistance up at 87.26/36. Note that this is a wider-range setup with a quarter of the daily average true range (ATR) yielding profit targets of 46-48pips per scalp. Caution is warranted heading into major event risk on Thursday with the FOMC policy decision and subsequent presser 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 Approaching Monthly Open- Range Break to Determine Scalp Bias

Other Setups in Play:

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

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