AUDJPY: Should You Buy AUD Now?

Mon 30th January 2023 : Daily Currency Strength Analysis

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

• AUDUSD
• AUDJPY

AUDJPY: Should You Buy AUD Now?

In today’s currency strength video we identified that the Australian Dollar (AUD) remains the top of both tables as the strongest currency. 

This could offer us trading opportunities against the weaker currencies such as the United States Dollar (USD) and the Japanese Yen (JPY).

Fundamentally the AUD could be strong because of the recent Consumer Price Index (CPI) data which increased, this could force the RBA into hiking rates.

When looking at the charts the AUDJPY has some strong confluences that suggest a move higher is likely.

The price is currently trading above the key support of 91.75 and is finding support.

Above the current price is key resistance highs of 93.00 as well as the Daily 200 moving Average at 93.10.

These could be targets for traders buying this forex pair.

Technical Observations

• The AUD is S1 and JPY is W2 on the day traders table.
• Price is trading above the key resistance of 91.75.
• The H4 chart shows price in a trading range between 91.75 and 92.75.
• If the price rallies from here buyers will target the highs and key resistance of 93.00.
• The daily 200 moving average sits just above the resistance, this can act as a magnet for price.