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.

Free Trading Guides
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
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
More View more
Real Time News
  • The latest UK General Election opinion polls continue to show the Conservative Party holding a strong lead over Labour and point to Boris Johnson winning a working majority in Parliament. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/qF04EOUWkI https://t.co/LNl4bXbnpp
  • Recent polls have put Conservatives ahead of Labour and given a boost to $GBP. Get your #Brexit update from @ZabelinDimitri here: https://t.co/l2n53C0cYY https://t.co/oTWfXkaDDt
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/xeromAGqqx
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
  • What are some risk trading management techniques? Find out: https://t.co/RShdlDz9RA #tradingstyle https://t.co/M3ASPIHAep
AUD/JPY Technical Outlook: Rally Rejected at Resistance

AUD/JPY Technical Outlook: Rally Rejected at Resistance

2018-06-12 19:10:00
Michael Boutros, Technical Strategist

The Australian Dollar has traded within a nearly 4% range against the Japanese Yen since the start of May trade with the AUD/JPY pullback from a key resistance range last week risking further losses. Here are the levels that matter as we head into major event risk later this week.

AUD/JPY Daily Price Chart

AUD/JPY Price Chart - Daily Timeframe

Technical Outlook:In this week’s Technical Perspective on AUD/JPY, we highlighted a well-defined price range on the weekly charts while noting that, “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.” The daily chart shows price trading within a shallow ascending channel formation with daily RSI marking strong bearish divergence into the monthly high. The focus remains on this turn from the range-highs with the near-term risk lower while below 84.25.

Initial daily support rests with the monthly open at 82.34 backed closely by the 61.8% retracement of the March advance at 82.04. Ultimately a break / close below the lower parallels would be needed to mark resumption of the broader down-trend. A topside breach of the monthly opening-range highs shifts the focus towards subsequent resistance objectives at the 85-handle backed by the 200-day moving average / 50% retracement at 85.35/40.

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

AUD/JPY 120min Price Chart

AUD/JPY Price Chart - 120min

Notes: A closer look at AUD/JPY price action sees the pair turning from Fibonacci resistance today at 84.12 with an outside-reversal bar off the highs shifting the near-term focus lower. Initial support targets are eyed at the weekly open at 82.95 backed by 82.52. Key support rests at 82.04/21 where the 100% extension and the 61.8% retracement converged on parallel support. A breach above today’s highs puts us neutral, with a rally surpassing 84.48 needed to fuel the next leg higher targeting 84.79 and the 100% extension at 85.01.

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

Bottom line: The reversal off range resistance has us looking lower for now. With major central bank interest rate decisions from the FOMC, ECB, and BoJ likely to drive market sentiment, look for this ‘risk-sensitive’ pair to respond in the days ahead. From a trading standpoint, I’ll favor fading strength while within this near-term slope formation.

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

AUD/JPY IG Client Positioning

AUD/JPY Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long AUD/JPY- the ratio stands at +1.16 (53.8% of traders are long) – weak bearishreading
  • Long positions are 6.8% higher than yesterday and 2.8% lower from last week
  • Short positions are 0.6% higher than yesterday and 15.8% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUD/JPY prices may continue to fall. Yet, traders are more net-long than yesterday but less net-long from last week and the combination of current positioning and recent changes gives us a further mixed AUD/JPY trading bias from a sentiment standpoint.

See how shifts in AUD/JPY retail positioning are impacting trend- Learn more about sentiment!


Relevant AUD/JPY Data Releases

AUD/JPY Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

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.


News & Analysis at your fingertips.