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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The Australian Dollar looks poised to outperform its haven-associated counterparts, as bullish technical setups take shape on multiple timeframes. Key levels for AUD/USD, AUD/JPY and AUD/CHF. Get your market update from @DanielGMoss here:https://t.co/Q5MS57yG8W https://t.co/NaUPI5qTKS
  • RT @FxWestwater: Australian Dollar Outlook: $AUDUSD Unfazed by Falling Westpac Confidence Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/01/20/Australian-Dollar-Outlook-AUDUSD-Unfazed-by-Falling-Westpac-Confidence.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/uSsC…
  • Japanese Yen Price Analysis: AUD/JPY, EUR/JPY Poised to Gain Ground - https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2021/01/20/Japanese-Yen-Price-Analysis-AUDJPY-EURJPY-Poised-to-Gain-Ground.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $JPY $AUDJPY $EURJPY https://t.co/LUS1GfqGF5
  • Heads Up:🇮🇩 Business Confidence (Q4) due at 04:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-20
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.77% Silver: 0.67% Gold: 0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vqhNULQSZH
  • A Symmetrical Triangle and long-term trendline resistance provide key levels to watch for NZD/CHF and CAD/CHF. Get your market update from @FxWestwater here:https://t.co/kgfZ8qZRRz https://t.co/BhpXTXz5Ir
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇨🇦CAD: 0.17% 🇬🇧GBP: 0.16% 🇪🇺EUR: 0.14% 🇳🇿NZD: 0.13% 🇨🇭CHF: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/U975Up5oUh
  • The #HSI looks set to re-challenge the 28,970 resistance. Will it succeed and attempt 30,000 mark today? https://t.co/ujmzRDsByq
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 64.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wdG2u51Kl2
  • Japanese Chief Cabinet Secretary Kato: - Vaccine schedule can't be fixed before approval - Tokyo area still facing severe Covid situation - BBG $USDJPY
AUD/JPY Testing Key Support as Risk Aversion Drives Yen

AUD/JPY Testing Key Support as Risk Aversion Drives Yen

Michael Boutros, Strategist

AUD/JPY Daily Chart

AUD/JPY Daily Timeframe

Technical Outlook: AUDJPY has been trading within the confines of a well-defined ascending pitchfork formation with prices testing key confluence support today at 85.45. This level is defined by the 50% retracement of the 2017 range and the lower median-line parallel of the ascending structure. The immediate short-bias is at risk heading into this level. Resistance stands at 86.93 with our bearish invalidation level steady at 87.55/64.

Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here!

AUD/JPY 240min Chart

AUD/JPY 240min Timeframe

Notes: A near-term embedded descending pitchfork off the highs has continued to offer guidance with the upper median-line parallel highlighting a near-term resistance confluence into 86.93. A break above this level would put us neutral with a rally surpassing 87.64 needed to mark resumption of the broader up-trend.

A break below this key support zone targets the lower parallel, which converges on the 61.8% retracement at 84.52. From a trading standpoint, I’d be looking for a rebound here but the larger focus remains lower while within this near-term formation.

AUD/JPY Testing Key Support as Risk Aversion Drives YenAUD/JPY Testing Key Support as Risk Aversion Drives YenAUDJPY IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-short AUD/JPY- the ratio stands at -1.57 (38.9% of traders are long) –bullishreading
  • Retail has been net-short since June 29th- price has rallied 1.9% since then
  • The percent of traders net-long is now its highest since August 2nd – price was trading at 88.16
  • Long positions are 3.2% higher than yesterday but 2.3% lower from last week
  • Short positions are 14.6% lower than yesterday and 22.5% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests AUDJPY prices may continue to rise. That said, the recent changes in sentiment warn that the current AUDJPY price trend may soon reverse lower despite the fact traders remain net-short.

What to look for in AUD/JPY retail positioning - Click here to learn more about sentiment!

---

Relevant Data Releases

AUDJPY Economic Docket

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com.

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

DISCLOSURES