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LWby u/lwalsh·1hAnalysis

$AUDJPY: Watching the 111.80 area for a potential reversal

Been keeping an eye on $AUDJPY today, and it's bumped up against that 111.789 high. For me, that 111.80 level has been pretty significant on the daily chart as a resistance point over the past week or so. I'm seeing a bit of exhaustion on this move up, with the momentum indicators starting to flatline after the initial push. If we can't decisively clear and hold above 111.80 on this attempt, I'd be looking for a potential retracement back towards the 111.20-111.30 zone. The risk to that view, obviously, is a strong candle close above 111.80 on higher volume; that would suggest a break of resistance and likely continued upside pressure.

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1 Comments

AMu/almeida_mateo·1h

Agreed, that 111.80 level has been tough for AUDJPY. I'm also seeing a loss of steam there; a rejection could set up a nice short trade.

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