AUD/JPY Short-Term Technical Outlook

[DailyFx]

The AUDJPY has bounced back after falling to an intraday low of 81.41 last week, but continues to hold within a wide range between 81.40 and 90.95, and may offer profitable opportunities for forex traders.


Currency Pair: AUDJPY
Short-Term Bias: Short
Chart: 15 Min Charts

Analysis

The AUDJPY has bounced back after falling to an intraday low of 81.41 last week, but continues to hold within a wide range between 81.40 and 90.95. After failing to break above 90.00, the upward momentum looks to be losing steam, which could lead prices lower over next few hours.

The underlying downtrend in the AUDJPY should to hold over the coming weeks, which would lead price action to fall towards the lower end of its range over the next few days. We may see the aussie-yen move below the 120 SMA over the next few hours, but may hold between 87.28 (61.8% Fib level of 81.40-90.95) and 88.91 (78.6% Fib level of 81.40-90.95) for the remainder of the trading session. Be sure to check out Jamie’s Technical Outlook for additional information on the major currency pairs.



To contact the author of this article, please email: dsong@fxcm.com

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