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AUDJPY Rebound Off Slope Support Eyes 86.00 Resistance Ahead of NFP

AUDJPY Rebound Off Slope Support Eyes 86.00 Resistance Ahead of NFP

Michael Boutros, Strategist

Talking Points

AUDNZD Daily

AUDJPY Rebound Off Slope Support Eyes 86.00 Resistance Ahead of NFP

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDJPY rebounding off multi-year slope line- Consolidating below slope resistance
  • Near-term risk is higher while above 83.00- broader bullish invalidation
  • Topside objectives 84.72 & 86.12/28 (key near-term resistance)
  • Break below TL support puts larger downtrend back in focus targeting 81.75 & 80.17
  • Daily RSI support/resistance RSI triggers pending- break to offer guidance
  • Key Event Risk Ahead: Japanese Jobless rate tonight and U.S. NFP tomorrow

AUDNZD 30min

AUDJPY Rebound Off Slope Support Eyes 86.00 Resistance Ahead of NFP

Notes: AUDJPY is trading within the confines of an ascending median-line formation off last week & this week’s lows with the pair coming into confluence support today at the 84-handle. A break below this mark invalidates the immediate topside bias with such a scenario targeting 83.42 & key support into the 83.05. Note that the 2011 long-term slope line converges with basic TL support off the September lows at this level (check daily chart).

Bottom line: looking higher while within this formation but ultimately we’d be looking to sell a rally up towards the upper median-line parallel. Interim resistance is eyed at the 2015 low-day close at 84.72 with a breach above targeting subsequent objectives at 85.15, 85.70 & key resistance at 86.04/13. A quarter of the daily average true range (ATR) yields profit targets of 33-35 pips per scalp. Caution is warranted heading into tomorrow’s U.S. employment report with the release 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 Off Slope Support Eyes 86.00 Resistance Ahead of NFP

Other Setups in Play:

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

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

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