AUDJPY breaks back above 20-day moving average
Australian Dollar/Japanese Yen (AUDJPY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AUDJPY ended the month 3.66% higher at 74.51 after gaining 64 pips (0.87%) today on low volume. Closing above Monday's high at 73.99, the market confirmed its breakout through the prior session high after trading up to 61 pips above it intraday.
Daily Candlestick Chart (AUDJPY as at Jun 30, 2020):
Tuesday's trading range has been 99 pips (1.34%), that's slightly below the last trading month's daily average range of 119 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AUDJPY.
One bullish candlestick pattern matches today's price action, the White Candle.
The currency managed to close back above the 20-day moving average at 74.30 for the first time since June 22nd. When this moving average was crossed above the last time on June 22nd, AUDJPY actually lost -0.04% on the following trading day. Prices are trading close to the key technical resistance level at 75.09 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for AUD/JPY. Out of 146 times, AUDJPY closed higher 52.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after six trading days, showing a win rate of 55.48% with an average market move of 0.12%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.82% and NZDUSD closing 0.53% higher. On the flipside the worst performers have been USDCAD closing -0.62% lower and USDCHF losing -0.41%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 1.31% and GBPJPY closing 1.16% higher. The worst performers of the day have been USDNOK tanking -1.51% and EURGBP closing -0.9% lower. Read more