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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