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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • All eyes on the Fed on Wednesday as investors weigh on chances of a taper announcement. Get your weekly equities forecast from @HathornSabin here: https://t.co/Cv06XcvldF https://t.co/I12g2YPkdE
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/KsPiWBysiR
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/iUvhLfQgcK
  • The US Dollar caught a bid in the late part of last week to set a fresh September high. FOMC is around the corner, are bulls going to be able to push for another fresh high? Get your weekly US Dollar forecast from @JStanleyFX here: https://t.co/ZkDHyV1VhM https://t.co/w5sPChKdNx
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/bde30KM8OE
  • The Australian Dollar remains vulnerable to most of its major counterparts, with AUD/USD and AUD/JPY resuming losses. Did AUD/NZD bottom? AUD/CAD may consolidate. Get your weekly Australian Dollar forecast from @ddubrovskyFX here: https://t.co/sjh91mjtXs https://t.co/dGT067zKnH
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/VLZQhrQTAf
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/j5xDAG6LLb
  • While the meetings of central bankers in the US, Japan and the UK will be front, left and center of traders’ minds this coming week, it would be wise not to ignore next Sunday’s German Federal Election. Get your euro forecast from @MartinSEssex here: https://t.co/m920Uvmngm https://t.co/yQYtfHf66s
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/Dqq9S9vGvo
Weekly Technical Perspective on AUD/JPY

Weekly Technical Perspective on AUD/JPY

Michael Boutros, Strategist

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. Here are the key levels that matter on the weekly chart for the Australian Dollar vs the Japanese Yen (AUD/JPY). Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

New to Forex Trading? Get started with this Free Beginners Guide

AUD/JPY Weekly Price Chart

AUD/JPY Price Chart - Weekly Timeframe

Notes: AUD/JPY has continued to trade within a well-defined range for nearly ten weeks now with major event risk this week likely to be a catalyst for the break and to offer clarity on our medium-term price outlook. Key support rests at 81.58/97 where the 2015 & 2017 lows converge on basic trendline support extending off the 2016 lows. Range resistance stands at the 2017 open / 100% extension at 84.25/71.

A downside break of this range targets the 1.618% extension of the 2017 decline at 79.45. A topside breach of this range (alongside a break above the pending RSI resistance trigger) eyes subsequent confluence resistance objectives at ~85.50s where the 52-week moving average converges on former slope support, turned resistance.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: We’re looking for a price breakout for guidance. From a trading standpoint, I’ll favor fading strength near-term but respect this range with a weekly close needed to validate a break on either side. Keep in mind this is considered a ‘risk sensitive’ pair – expect volatility this week with the interest rate decisions from the FOMC & BoJ (Bank of Japan), Australian employment data and the Nuclear Summit between President Trump and North Korean Leader Kim Jung Un, likely to drive market sentiment in the days ahead.

AUD/JPY IG Client Positioning

AUD/JPY Client Sentiment
  • A summary of IG Client Sentiment shows traders are flat AUD/JPY- the ratio stands at +1 (50.0% of traders are long) – neutral reading
  • Long positions are 5.0% lower than yesterday and 16.2% lower from last week
  • Short positions are 7.3% higher than yesterday and 74.5% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-neutral offers little indication. Yet traders are less net-long than yesterday and compared with last week and therecent changes in sentiment warn that the current AUD/JPY price trend may soon reverse higher despite the fact traders remain net-long.

Why does the average trader lose? Avoid these Mistakes in your trading

AUD/JPY Economic Calendar

AUD/JPY Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Previous Weekly Technical Perspectives

--- Written by Michael Boutros, Technical 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