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Forex chart of the day:
Will the monthly trend continue on AUDJPY? In this video we discuss the fundamental and technical reasons why prices could move higher.
Watch the video to learn more…
Forex: AUDJPY Monthly Trend
The price of AUDJPY could continue to trade higher in line with its monthly forex trend. Today the market was shocked by the announcement from the Bank of Japan that Prime Minister Fumio Kishida will break tradition, and pick an outsider to Japan’s political establishment in economist, Kazuo Ueda.
If selected as expected it would be the first time that an academic was appointed as central bank chief since post-war. Ueda was previously involved with the central bank and was known to adopt the same ultra loose policy Japan has become known for. This could see the Japanese Yen (JPY) weaken further.
In Australia the inflation rate continues to rise, the RBA have recently voiced their concerns. Governor Lowe met with a group of bankers recently and was said to be considering higher rates, more in line with the Federal Reserves at 4.5-4.75%. This could see the Australian Dollar continue to strengthen in the short term against the JPY.
AUDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- Price is trading within a bullish channel on the monthly time frame.
- Price found support at the May 22 lows of 87.50.
- Price has since rallied 500 pips.
- If the price can trade above the current monthly candle high of 92.83, we could see the price head towards the next resistance level of 95.25.
Have you watched our Week Ahead analysis? You can see it here.
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