AUD/JPY Outlook (28 June 2022)
Updated
AUDJPY has been sitting just below the 94.00 resistance level. This level has been held since April and more recently in June, acting as a support turned resistance level.
In lined with the AUD/USD analysis and the expectation for AUD to break lower, look for the AUDJPY to be resisted at the resistance level to trade towards the 92.50 support level. Although further Yen weakness is anticipated, I think that weakness in the AUD might frontrun this move lower. To be extra safe, look for a clear rejection of the resistance before trading lower.
If price climbs higher and breaks above the 94.00 resistance, the current short would not be valid. Instead look to short from the next resistance of 95.50
In lined with the AUD/USD analysis and the expectation for AUD to break lower, look for the AUDJPY to be resisted at the resistance level to trade towards the 92.50 support level. Although further Yen weakness is anticipated, I think that weakness in the AUD might frontrun this move lower. To be extra safe, look for a clear rejection of the resistance before trading lower.
If price climbs higher and breaks above the 94.00 resistance, the current short would not be valid. Instead look to short from the next resistance of 95.50
Trade closed: target reached
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