Fundamental Analysis

Can Australian GDP Break AUD/JPY Congestion?

AUD/JPY TECHNICAL STRATEGY: BEARISH

AUD/JPY has been congesting between 79.055-79.899

A break beneath (if GDP information misses) might sign reversal

In any other case, clearing resistance ought to want affirmation

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Since early January, AUD/JPY has been buying and selling between the 74.263-79.899 vary with doji-like candles doubtlessly signaling buyers’ uncertainty over upside momentum within the pair. It shied away from 79.899 on a number of events which can be an indicator that the pair is bumping up in opposition to a major worth roof. A break above this could possibly be adopted by a spike, however the length and magnitude of such a bounce are unknown.

AUD/JPY – Day by day Chart

Chart Showing AUD/JPY

Conversely, a break beneath 77.735 would possibly sign a powerful bearish inclination and will push AUD/JPY right down to the following potential ground at 76.278. If it reaches this help, makes an attempt at breaching key resistance at 79.899 may be akin to pushing a boulder up a hill.

AUD/JPY – Day by day Chart

Chart Showing AUD/JPY

The range-bound character of the pair could also be examined as we come as much as the discharge of Australian GDP. Click on right here to register for stay protection of the information and the market response. If it undershoots estimates, the pair may drop beneath 77.735.

AUD/JPY TRADING RESOURCES

— Written by Dimitri Zabelin, Jr Foreign money Analyst for DailyFX.com

To contact Dimitri, use the feedback part beneath or @ZabelinDimitrion Twitter


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