AUDJPY Sellers Aiming For 85.50 Support

Fri 24th March 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• AUDJPY
• CADJPY (Covered in Video)

AUDJPY is the forex pair in focus today according to the currency strength indicator tables.

AUDJPY tops the list as the market moves back into a risk off environment.

JPY strength is driving the market, with AUDJPY breaking through the key supporting lows of 87.50.

This could see sellers target the next level of support at 85.50.

If price can retrace back to the key resistance of 87.50 and reject we can look for selling opportunities.

Alternatively, if price can trade higher towards the recent minor highs we could look for sellers to enter.

Technical Observations

• The JPY is S1 and AUD is W1 on the day traders table.
• Price has broken through the long term trend line support.
• Price has broken down through the recently formed lows at 87.50.
• Sellers could target the next levels of support including 85.50 and 84.00.
• Sellers will need to look for a pullback before getting short.