AUDJPY Are Buyers Targeting 93.00?

Wed 25th January 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• AUDJPY
• GBPAUD
• AUDCHF

AUDJPY Are Buyers Targeting 93.00?

In today’s currency strength video we identified that the Australian Dollar (AUD) is the top of both tables at S1, and the Japanese Yen (JPY) is W1 on the day traders tables.

The position of the currencies on the day traders tables shows us where the momentum is on the lower time frames, which makes AUDJPY our pair in focus.

AUDJPY has recently been ranging between the 92.00 highs and the 87.25 lows. 

This was caused by the Bank of Japan making changes to their monetary policy, however now they have remained dovish the JPY looks likely to remain weak.

We can see this as AUDJPY has traded through the 92.00 range highs and closed above.

Now buyers are through this level they could look for targets at the next resistance level of 93.00.

Technical Observations

• The AUD is S1 and JPY is W1 on the day traders table.
• Price has traded through the resistance highs of 92.00.
• The resistance of 93.00 hold confluence with the daily 200 moving average.
• If the price retest the recent breakout highs and forms bullish price action we could look to buy the market.
• Once the price reaches 93.00 traders will need to wait to confirm a breakout before looking to take the market to the range highs.