AUDJPY stuck within tight trading range
Australian Dollar/Japanese Yen (AUDJPY) Technical Analysis Report for Feb 11, 2019 | by Techniquant Editorial Team
AUDJPY ended Monday at 77.95 gaining 15 pips (0.19%) on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (AUDJPY as at Feb 11, 2019):
Monday's trading range has been 38 pips (0.49%), that's far below the last trading month's daily average range of 75 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for AUDJPY. Prices continued to consolidate within a tight trading range between 77.44 and 78.25 where it has been caught now for the last three trading days.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 77.44 where further sell stops could get activated.
With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.63% and EURUSD closing -0.41% lower. On the flipside the best performers have been USDJPY closing 0.57% higher and USDCHF gaining 0.37%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDZAR surging 1.38% and USDMXN closing 1.17% higher. The worst performers of the day have been ZARJPY tanking -0.74% and GBPHKD closing -0.63% lower. Read more