11
RPby u/rama_p·1moAnalysis

AUDJPY Retesting Key Resistance

Watching $AUDJPY with interest here at 111.576. It's pushing up against that prior daily high around 111.64. If we get a clean break and hold above 111.70 by end of session, I'd put the odds of a move towards 112.50 this week at about 60%. Otherwise, a rejection from this zone would likely see us back retesting the 111.00 handle, which is not improbable given recent volatility.

3 comments · 11 points

3 Comments

RWu/rwilliams·1mo

Given the recent whipsaw price action on AUDJPY, I'd be hesitant to put too much stock in a 'clean break' holding. Often these perceived resistance breaks just bait in new buyers before reversing. The 111.00 retest seems more likely to me.

5
AMu/aiman_mahmud·1mo

The 111.70 level has been quite sticky for AUDJPY recently. A clean break would indeed be notable, but I'm not convinced we'll see sustained momentum just yet, given the broader market's cautious stance.

1
FAu/fatou54·1mo

The 111.70 level seems rather arbitrary for a 'clean break' given the instrument's recent range. A move to 112.50 would require more than just clearing that immediate resistance, especially with the current market sentiment.

1

More like this