Price Action: AUD/JPY

Price Action: AUD/JPY

Price Action AUD/JPY

The Aussie Dollar has surged 2.36% against the Yen since April 22nd. The currency pair tested the 85.00 level today during the Asian session. On the way, the AUD/JPY currency pair is likely to continue its bullish trend if it breaks the 85.00 level and the upper boundary line of the 4-hour ascending channel pattern breaks, together with the monthly R1 resistance level. Traders could push for the target around the 86.00 area within the following trading sessions. Although, the psychological barrier of 85.00 and the upper boundary line of the 4-hour ascending channel pattern and the monthly R1 level could provide resistance for the exchange rate within the following trading sessions and bring the price back down to around the 84.00 level.

All comments are my own personal views and do not constitute financial advice.

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