AUD/JPY Targets 2017 Open Ahead of RBA Rate Decision

Talking Points

  • AUDJPY Eyes yearly open insurgency forward of RBA during 84.38
  • Updated targets cancellation levels
  • Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT

AUDJPY Daily

AUD/JPY Daily Chart

Technical Outlook:I highlighted this AUDJPY setup in my 2017 Top Trading Opportunity progressing this year and streamer into a start of May trade a concentration is on predestine of final month’s miscarry off long-term trendline support fluctuating off a 2016 lows. The convene is dire by near-term insurgency during a top median-line together with a yearly open only aloft during 84.38.

The evident allege is exposed streamer into this segment though a medium-term concentration stays aloft while above 82.97. Topside targets are eyed during 84.83 85.26– both regions of seductiveness for probable near-term depletion / short-entries.

AUDJPY 120min

AUD/JPY 120min Chart

Notes: A closer demeanour during near-term cost movement highlights a mangle of both final week’s operation highs a top together with a convene now coming insurgency during 84.30/41– aside from a yearly open, this segment is also tangible by a 61.8% prolongation of a allege and a 4/5 pitch high. Look for some probable kickback from there with halt support eyed during 83.76. From a trade standpoint, a evident concentration is on 83.76-84.41 operation with a broader bullish cancellation during 82.97.

A entertain of a daily normal loyal operation (ATR) yields distinction targets of 22-25pips per scalp. Although a RBA is widely approaching to reason a stream process stance, combined counsel is fitting streamer into a rate preference with a some-more dovish tinge from Governor Lowe or explanation per gratefulness of a Aussie expected to fuel increasing sensitivity in a crosses. Keep in mind Australia has kept seductiveness rates during a record low of 1.5% given Aug and nonetheless acceleration has continued to climb adult to target, a soothing labor marketplace descending commodity prices have singular a executive bank’s eagerness to act.

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Relevant Data Releases

AUD/JPY Targets 2017 Open Ahead of RBA Rate Decision

Other Setups in Play:

– Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex hit him during mboutros@dailyfx.com or Click Here to be combined to his email placement list.

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