AUD/JPY Update: Sellers maintain grip


25 JUN 2018

Yen strength continues to amaze. Not only versus USD, but especially versus virtually all major and secondary currencies the Yen shows long-term and near-term outperformance.

Versus Aussie the outlook is strong on all time frames. Sellers are pushing for a breakout below the pivots around 80.60. We expect a move beyond these levels over the coming days, followed by a further rout towards 75.88 (minor projection) and 70.64 (major projection). Note that indicators remain firmly in the red without divergence or other possible reversal signals.

  • Near term trend: negative
  • Long term trend: negative
  • Outlook: relentless down trend
  • Strategy: hold-short or short-entry
  • Support: 80.60 / 75.88* / 70.64-
  • Resistance: 82.30 / 82.80 / 84.40+
  • Outlook cancelled/neutralized above 82.30

420-minute intraday chart AUD/JPY