AUDJPY runs into sellers again around 80.71
Australian Dollar/Japanese Yen (AUDJPY) Technical Analysis Report for Sep 14, 2018
AUDJPY ended the week 1.62% higher at 80.16 after losing 33 pips (-0.41%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was 63 pips (0.78%), that's below last trading month's daily average range of 78 pips. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 79.71. Unable to break through the key technical resistance level at 80.57, the forex pair closed below it after spiking as high as 80.71 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 80.81 in the prior session, the FX pair ran into sellers again around the same price level today, failing to move higher than 80.71.
Although the currency is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The market broke below the 20-day moving average at 80.43 today for the first time since August 30th.
Buying might accelerate should prices move above the nearby swing high at 80.81 where further buy stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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