In our last report about the AUD/JPY pair on August 21 we recommended buying the pair at 86.15 and we took just +70 pips and we bought it again after the prices broke the trend line, as we said. We bought again around 87.00, so now we have +100 pips more. Now we have to close all of our open positions to discover a new profit opportunity.
Today the prices are still trading in the upside movement inside a short-term price channel, so this supports our positive vision that we've kept till now. The prices are moving firmly about the support level 87.38 which will lead the pair to the resistance area 89.00. The RSI indicator is moving at 73 and hasn’t given us the sell sign yet.
The Next Few Days
After we analyzed the chart well, we have decided to keep our positive scenario from August, but we can see the prices have centralized now close to the upper limit of the channel, so we will buy the pair with a small volume. We will buy again at around the support level 87.38, keeping our first target at 89.00 and the second one at 90.20.
This week the markets have just one important piece of news from the Australia which is the Unemployment Rate on Wednesday and we don't expect any news this week from Japan.
