AUD/JPY price analysis: heading higher towards 261.8 per cent

AUD/JPY price analysis: posting higher highs and higher lows. With a support zone at 75.55-75.47, we look for dips to be limited

AUD/JPY                                 

Market highlights from the past week

Monday September 7: Japan’s second-quarter GDP was revised marginally to -7.9 per cent from -7.8 per cent previously reported 

Tuesday September 8: there were further concerns over US-China trade tensions and reduced speculation over an early coronavirus vaccine as nine companies pledged not to seek vaccine approval until they were shown to be safe

Wednesday September 9: US futures maintained a firmer tone and Wall Street equities posted strong gains after the market opened

Thursday September 10: US initial jobless claims were unchanged at 884,000 in the latest week and above consensus forecasts of 846,000

Friday September 11: risk appetite secured a net improvement on fresh optimism over a coronavirus vaccine, although USD/JPY made no headway

AUD/JPY price analysis:

Let’s have a look at the technical viewpoint.

Monthly: traded to a multi-year low of 59.87 in March. We have posted five months of net gains

Weekly: spikes can be seen in both directions for the past two weeks, highlighting investor indecision.

Daily: the sequence for trading is higher highs and higher lows. We have a 261.8 per cent extension level 80.52 from 59.87-67.70. Support is located at 75.55

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Intraday four-hour: we have a 127.2 per cent extension level located at 75.47 (from 78.46-76.11)

Outlook: posting higher highs and higher lows. With a support zone at 75.55-75.47, we look for dips to be limited

Possible trade set-up:

Action: buying at 75.60 (inside support)

Stop: 74.60 (a break of 161.8 per cent)

Target: 80.30 (inside 261.8 per cent)

Potential return on risk to first target: R4.7 (reward 470/risk 100)

Australian Dollar / Japanese Yen
Daily change
91.887
Low: 91.583
High: 92.023

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