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AUDJPY Forex Analysis – Ichimoku Confirmation


Jan.08.2017

As we enter a light-data week, Mr. Aussie could be the one to keep an eye on. Since we have seen a technical confirmation on the 4-hour chart, let's conduct an AUDJPY Forex analysis utilizing the IDDA approach.

 

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AUDJPY Forex Analysis - Technical Points

Short-medium term: The AUD/JPY pair confirmed above the 4-hour Ichimoku cloud beginning of Monday's Sydney session. The pair remains above the daily cloud. The daily Kijun line recently crossed above the Tenkan line. The pair remains supported by the pivot point at 23% Fibonacci retracement level at 84.45. Extended support is set at 82.90.

 

AUDJPY Forex Analysis - Daily Chart Technicals AUDJPY Forex Analysis - Daily Chart Technicals

 

 

 

Long term AUDJPY Forex Analysis: On the monthly chart, the pair has firmed a bullish engulfing after December's Doji candlestick formation. We entered a long-term bullish position in our premium investing group back in August 2016 when the pair bottomed out at 76.40.

 

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AUDJPY Forex Analysis - Monthly Chart Technicals AUDJPY Forex Analysis - Monthly Chart Technicals

AUDJPY Forex Analysis: Fundamentals

With Japan on a bank holiday on Monday, most of the pair's moves will be initiated by the Land Down Under, and its trading buddy, China.

Friday’s stunning Australian trading data shocked market participants with the first surplus for nearly three years. Now the question is, is there anything on the economic calendar to upset Mr. Aussie's current semi-upbeat mood. And since we are looking at not-so-important Aussie data such as the Australian building approvals, retail sales and credit card purchases through the week, the answer could be "no."

 

However, Australian Dollar could see some storms coming its way from Chinese data. Tuesday’s consumer price index and Friday’s trade data could get Mr. Aussie a bit quicker on its feet on the forex dance floor.

AUDJPY Forex Analysis: Market Sentiment

According to the trading positions at one the largest brokers in the US, the trading crowd has grown less net-long from last week. Keep in mind that we use this as a contrarian indicator. Assuming no surprises from neither Australia nor China, the modest Aussie Dollar up-moves should continue throughout the week.

 

AUDJPY Forex Analysis: Trading Strategy

Putting the technical, fundamental and sentimental points of the IDDA approach together, there are three different scenarios for AUD/JPY, published in our investing group.

Here are Invest Diva's calculations for important approximate levels for AUD/JPY to keep an eye on:

 

Support Levels Turning Point Resistance Levels
81 84.45 86.25
82.90 85 8834

 

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Kiana 喜愛成
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