News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
More View more
Real Time News
  • After suffering steep losses Monday, gold declines have continued, threatening secondary support. Get your $XAUUSD market update from @PeterHanksFX here:https://t.co/mSxxBdUVR0 https://t.co/LBE3lBhu00
  • DOJ expected to file antitrust action against Google in coming weeks according to AP News - BBG
  • Update on #Cryptocurrencies #BITCOIN +0.12% #BITCOINCASH -0.08% #ETHEREUM -0.22% #RIPPLE +0.26% #LITECOIN -0.55%
  • 🇰🇷 Consumer Confidence (SEP) Actual: 79.4 Previous: 88.2 https://www.dailyfx.com/economic-calendar#2020-09-24
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.20% 🇬🇧GBP: 0.15% 🇪🇺EUR: 0.07% 🇯🇵JPY: -0.05% 🇨🇭CHF: -0.30% 🇦🇺AUD: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AxA4F2bdLO
  • Heads Up:🇰🇷 Consumer Confidence (SEP) due at 21:00 GMT (15min) Previous: 88.2 https://www.dailyfx.com/economic-calendar#2020-09-24
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.86% Gold: 0.31% Oil - US Crude: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KGhOU0JkGg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.99%, while traders in EUR/GBP are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/I8ErFM6ptJ
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.20% FTSE 100: 0.16% France 40: 0.13% Wall Street: -0.01% US 500: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ocJM79mXIK
  • Commodities Update: NYM WTI Crude 40.14 (+0.53), ICE Brent Crude 41.75 (-0.05%), NYM NYH Gasoline 119.10 (+0.82%). [delayed]
AUD/JPY Rally Approaching Initial Resistance Hurdle

AUD/JPY Rally Approaching Initial Resistance Hurdle

2015-12-01 20:26:00
Michael Boutros, Strategist
Share:

Talking Points

AUDJPY Daily

AUD/JPY Rally Approaching Initial Resistance Hurdle

Chart Created Using FXCM Marketscope 2.0

Broader Technical Outlook

AUDJPY has been trading within the confines of a well-defined ascending channel formation off the late-October low with the rally now approaching its first major resistance hurdle at 90.03/19. This key region is defined by the 38.2% retracement of the decline off the 2014 high & the 76.4% retracement of the August decline and converges on both near-term & medium-term channel resistance. The pair is at risk for a pullback off these levels but the trade remains constructive above 88.64 / channel support.

Note that the momentum profile remains promising with a multi-month support trigger continuing to guide the oscillator. A breach higher targets resistance objectives at 90.71 (200DMA) and the upper median-line parallel / 91.53.

AUDJPY30min

AUD/JPY Rally Approaching Initial Resistance Hurdle

Notes:Intraday RSI is coiling up as we head into highlighted resistance with the immediate long-bias at risk below this threshold. Note we are at resistance within an uptrend and we’ll be looking for a pullback to offer favorable long entries. Soft support rests at 89.33 & 89 backed by our near-term bullish invalidation level at 88.60 / channel support.

A quarter of the daily average true range yields profit targets of 18-20pips per scalp. Added caution is warranted heading into Australian GDP data tonight as well as Trade Balance & Retail Sales later in the week with the releases likely to fuel volatility in the Aussie crosses.

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

Relevant Data Releases Next Week

AUD/JPY Rally Approaching Initial Resistance Hurdle

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

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

Struggling with your strategy? Here’s the number one mistake to avoid

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

DISCLOSURES