AUD/JPY: A CURRENCY PAIR IN THE SPOTLIGHT
Key fundamental factors to watch for in the AUD/JPY currency pair:
Australian economic data: The AUD is sensitive to data releases such as GDP growth, unemployment rate, and retail sales. Positive economic data releases tend to boost the AUD, while negative data releases tend to weigh on the currency.
Japanese economic data: The JPY is sensitive to data releases such as GDP growth, industrial production, and inflation. Positive economic data releases tend to weigh on the JPY, while negative data releases tend to boost the currency.
Risk sentiment: The AUD/JPY currency pair is sensitive to risk sentiment in the global market. When risk sentiment is strong, the AUD tends to rise against the JPY. When risk sentiment is weak, the JPY tends to rise against the AUD.
Interest rate expectations: The AUD/JPY currency pair is sensitive to shifts in interest rate expectations between Australia and Japan. If interest rates are expected to rise in Australia relative to Japan, the AUD tends to rise against the JPY.
Technical Analysis
30-Minute Chart
The AUD/JPY currency pair is currently trading in a bullish trend on the 30-minute chart. The price is above the 50 and 200-period moving averages, and the MACD indicator is above the signal line. The RSI indicator is also above 50, which indicates that the pair is not overbought.
According to the Elliot Wave Theory, on the 30min chart, we are now forming a Wave C on the downside. If the analysis is valid, the marked levels (or around them) will be touched and then the downtrend will continue for a short-medium term, before the market resumes its uptrend, forming a next impulsive wave on the upside.
Key technical levels to watch on the 30-minute chart:
Support: 95.059, 95.132, 95.173
Resistance: 95.246, 95.278, 95.351
4-Hour Chart
The AUD/JPY currency pair is also trading in a bullish trend on the 4-hour chart. The price is above the 50 and 200-period moving averages, and the MACD indicator is above the signal line. The RSI indicator is also above 50, which indicates that the pair is not overbought.
Key technical levels to watch on the 4-hour chart:
Support: 95.059, 95.132, 95.173
Resistance: 95.246, 95.278, 95.351
Daily Chart
The AUD/JPY currency pair is trading in a neutral trend on the daily chart. The price is between the 50 and 200-period moving averages, and the MACD indicator is crossing above the signal line. The RSI indicator is also at 50, which indicates that the pair is neither overbought nor oversold.
Key technical levels to watch on the daily chart:
Support: 95.059, 94.958, 94.857
Resistance: 95.246, 95.351, 95.456
Overall Outlook
The AUD/JPY currency pair is currently trading in a bullish trend on the 30-minute and 4-hour charts. However, the pair is trading in a neutral trend on the daily chart.
Bullish traders will be looking for a break above the 95.246 resistance level on the 30-minute and 4-hour charts. A break above this level could lead to a further rally towards the 95.351 resistance level.
Bearish traders will be looking for a break below the 95.059 support level on the 30-minute and 4-hour charts. A break below this level could lead to a further decline towards the 94.958 support level.
**Traders should also pay attention to the overall risk sentiment in the global market.
I hope this post is helpful.
This analysis represents the information at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day
Australian economic data: The AUD is sensitive to data releases such as GDP growth, unemployment rate, and retail sales. Positive economic data releases tend to boost the AUD, while negative data releases tend to weigh on the currency.
Japanese economic data: The JPY is sensitive to data releases such as GDP growth, industrial production, and inflation. Positive economic data releases tend to weigh on the JPY, while negative data releases tend to boost the currency.
Risk sentiment: The AUD/JPY currency pair is sensitive to risk sentiment in the global market. When risk sentiment is strong, the AUD tends to rise against the JPY. When risk sentiment is weak, the JPY tends to rise against the AUD.
Interest rate expectations: The AUD/JPY currency pair is sensitive to shifts in interest rate expectations between Australia and Japan. If interest rates are expected to rise in Australia relative to Japan, the AUD tends to rise against the JPY.
Technical Analysis
30-Minute Chart
The AUD/JPY currency pair is currently trading in a bullish trend on the 30-minute chart. The price is above the 50 and 200-period moving averages, and the MACD indicator is above the signal line. The RSI indicator is also above 50, which indicates that the pair is not overbought.
According to the Elliot Wave Theory, on the 30min chart, we are now forming a Wave C on the downside. If the analysis is valid, the marked levels (or around them) will be touched and then the downtrend will continue for a short-medium term, before the market resumes its uptrend, forming a next impulsive wave on the upside.
Key technical levels to watch on the 30-minute chart:
Support: 95.059, 95.132, 95.173
Resistance: 95.246, 95.278, 95.351
4-Hour Chart
The AUD/JPY currency pair is also trading in a bullish trend on the 4-hour chart. The price is above the 50 and 200-period moving averages, and the MACD indicator is above the signal line. The RSI indicator is also above 50, which indicates that the pair is not overbought.
Key technical levels to watch on the 4-hour chart:
Support: 95.059, 95.132, 95.173
Resistance: 95.246, 95.278, 95.351
Daily Chart
The AUD/JPY currency pair is trading in a neutral trend on the daily chart. The price is between the 50 and 200-period moving averages, and the MACD indicator is crossing above the signal line. The RSI indicator is also at 50, which indicates that the pair is neither overbought nor oversold.
Key technical levels to watch on the daily chart:
Support: 95.059, 94.958, 94.857
Resistance: 95.246, 95.351, 95.456
Overall Outlook
The AUD/JPY currency pair is currently trading in a bullish trend on the 30-minute and 4-hour charts. However, the pair is trading in a neutral trend on the daily chart.
Bullish traders will be looking for a break above the 95.246 resistance level on the 30-minute and 4-hour charts. A break above this level could lead to a further rally towards the 95.351 resistance level.
Bearish traders will be looking for a break below the 95.059 support level on the 30-minute and 4-hour charts. A break below this level could lead to a further decline towards the 94.958 support level.
**Traders should also pay attention to the overall risk sentiment in the global market.
I hope this post is helpful.
This analysis represents the information at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day
I hope this was helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
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