TECHNICAL ANALYSIS
This week AUDJPY broke out of the range to the upside. The price is currently at the weekly target. Given that it's Thursday and the end of the week is approaching, a possible take profit could occur from now until the end of Friday.
Support is at the previous resistance price level of 94.830, which is now the future buy zone. I will wait for the price to drop to this level before considering a long position.
FUNDAMENTAL ANALYSIS
Institutional traders are long JPY(79.46%) and Short AUD(80.47%) according to the COT data, which means long term it's possible to see a stronger JPY and weaker AUD.
Retail traders are short JPY(54%) and long AUD(46%). The strength meter is slightly tilted in favour of JPY strength.
Although institutional traders are long JPY, the technicals, however, show that a possible bullish trend is beginning, so while keeping that in mind, the current price and market direction are bullish in favour of AUD.
This week AUDJPY broke out of the range to the upside. The price is currently at the weekly target. Given that it's Thursday and the end of the week is approaching, a possible take profit could occur from now until the end of Friday.
Support is at the previous resistance price level of 94.830, which is now the future buy zone. I will wait for the price to drop to this level before considering a long position.
FUNDAMENTAL ANALYSIS
Institutional traders are long JPY(79.46%) and Short AUD(80.47%) according to the COT data, which means long term it's possible to see a stronger JPY and weaker AUD.
Retail traders are short JPY(54%) and long AUD(46%). The strength meter is slightly tilted in favour of JPY strength.
Although institutional traders are long JPY, the technicals, however, show that a possible bullish trend is beginning, so while keeping that in mind, the current price and market direction are bullish in favour of AUD.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.