AUD/JPY Technical Outlook After Japanese Interest Rate

The AUD/JPY pair has confirmed the reversal pattern.

Technical Analysis
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AUD/JPY Technical Outlook After Japanese Interest Rate

This morning the Bank of Japan chose to keep the interest rate without changes at -0.10% and the Japanese currency didn’t move a lot after the news, nor the press conference for BoJ governor. The USD/JPY pair is trading now at 86.80 after breaking the support level. The bears are heading for new lows for the next month. In our last report we recommended selling the pair below 87.38 and it didn’t hit the target till now, but we have +50 pips in profit and today we will look forward for another chance.

We saw the pair broke the ascending trendline earlier this month and went back to retest it, then declined again. Now the pair is trading inside a price channel which may lead it to further lows. Furthermore, the MACD’s bars are below the zero level to supports our negative vision.

We also noticed that the pair has formed a Head and Shoulders reversal pattern and the prices broke the neckline last week, so we will look toward the pattern’s target around 83.00, as you can see in the chart below.

The Next Few Days

Based on this analysis and the downward direction evidence from the daily chart, we can sell the pair at the current level at 86.80 and keep our first target at 85.80, with a second one around 83.00-83.50.

This week the markets have some news from Australia, such as the trade balance on Thursday and the retail sales next Friday, so we have to be careful in trading within these times.

SuperForex
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Technical Analysis

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Technical Analysis

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