The Strength Meter suggests #AUDJPY could break higher, however, the risk in the market has increased. Will the price move higher or lower?

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AUDJPY Higher Or Lower

AUDJPY price could go either way this week as the market battles the risk sentiment. The data out this week could add risk to the market which in turn could put pressure on risk currencies. Despite this the strength meter suggests that the Australian dollar is getting stronger and the Japanese Yen is getting weaker. This could lead to a reversal in the price.

The weekly chart shows that the price had a strong bullish close showing that buyers have entered the market. Also the daily price action is showing that the selling momentum is fading as the price is trading within the previous day’s range. This can often lead to an impulsive phase and if the price follows the strength meter then a breakout higher is likely. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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