AUDJPY Risk Off Markets Drive Prices Lower

Wed 15th March 2023 : Daily Currency Strength Analysis

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

• AUDJPY
• CADJPY (Covered in Video)
• AUDUSD (Covered in Video)

AUDJPY Risk Off Markets Drive Prices Lower

Risk off markets has seen the JPY reappear on the strong side of both tables.

The AUD remains weak topping the trend traders table, offering further opportunities on AUDJPY.

We featured AUDJPY in a previous post four days ago.

Price performed as expected leading to an opportunity which taken would have netted 200+ pips. 

Now the price has retested a key level of resistance at 90.00, it has fallen 150 pips. 

If this momentum continues we could look for a lower high to form at minor resistance such as 89.50.

Sellers could still target 88.00 and 87.50 support levels. 

Technical Observations

• The JPY is S2 and AUD is W3 on the day traders table.
• Price finds resistance back at 90.00.
• Risk off markets could see momentum continue lower towards supporting levels of 88.00 and 87.50.
• If price were to retest the minor lows of 89.50 we could see a short opportunity form.